Sun Life Financial (SLF) 40-F 12 Feb 25 2024 FY Annual report (Canada) Financial data

Cover

Cover	12 Months Ended
	Dec. 31, 2024 shares
Disclosure of classes of share capital [line items]
Document Type	40-F
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
Entity File Number	001-15014
Entity Registrant Name	Sun Life Financial Inc.
Entity Incorporation, State or Country Code	Z4
Entity Address, Address Line One	1 York Street, 31st Floor
Entity Address, City or Town	Toronto
Entity Address, State or Province	ON
Entity Address, Country	CA
Entity Address, Postal Zip Code	M5J 0B6
City Area Code	416
Local Phone Number	979-9966
Title of 12(b) Security	Common Shares
Trading Symbol	SLF
Security Exchange Name	NYSE
Annual Information Form	true
Audited Annual Financial Statements	true
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Emerging Growth Company	false
Document Financial Statement Error Correction [Flag]	false
Central Index Key	0001097362
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false
Common shares
Disclosure of classes of share capital [line items]
Entity Common Stock, Shares Outstanding	573,892,200
Class A Preferred Shares Series 3
Disclosure of classes of share capital [line items]
Entity Common Stock, Shares Outstanding	10,000,000
Class A Preferred Shares Series 4
Disclosure of classes of share capital [line items]
Entity Common Stock, Shares Outstanding	12,000,000
Class A Preferred Shares Series 5
Disclosure of classes of share capital [line items]
Entity Common Stock, Shares Outstanding	10,000,000
Class A Preferred Shares Series 8R
Disclosure of classes of share capital [line items]
Entity Common Stock, Shares Outstanding	6,217,331
Class A Preferred Shares Series 9QR
Disclosure of classes of share capital [line items]
Entity Common Stock, Shares Outstanding	4,982,669
Class A Preferred Shares Series 10R
Disclosure of classes of share capital [line items]
Entity Common Stock, Shares Outstanding	6,838,672
Class A Preferred Shares Series 11QR
Disclosure of classes of share capital [line items]
Entity Common Stock, Shares Outstanding	1,161,328
Class A Preferred Shares Series 14
Disclosure of classes of share capital [line items]
Entity Common Stock, Shares Outstanding	1,000,000
Business Contact
Disclosure of classes of share capital [line items]
Entity Address, Address Line One	One Sun Life Executive Park
Entity Address, City or Town	Wellesley Hills
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02481
City Area Code	781
Local Phone Number	237-6030
Contact Personnel Name	Sun Life Assurance Company of Canada – U.S. Operations Holdings, Inc.

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2024
Audit Information [Abstract]
Auditor Firm ID	1208
Auditor Name	Deloitte LLP
Auditor Location	Toronto, Canada

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS $ in Millions	12 Months Ended
	Dec. 31, 2024 CAD ($) $ / shares $ / shares	Dec. 31, 2023 CAD ($) $ / shares $ / shares
Insurance service result
Insurance revenue	$ 22,637	$ 21,356
Insurance service expenses	(19,631)	(18,450)
Reinsurance contract held net income (expenses)	85	(69)
Net insurance service result	3,091	2,837
Investment result excluding result for account of segregated fund holders:
Net investment income (loss)	7,415	11,586
Insurance finance income (expenses) from insurance contracts issued	(5,139)	(9,675)
Insurance finance income (expenses) from reinsurance contracts held	51	59
Decrease (increase) in investment contract liabilities	(393)	(331)
Net investment result excluding result for account of segregated fund holders	1,934	1,639
Investment result for insurance contracts for account of segregated fund holders:
Investment income (loss) on investments for account of segregated fund holders	2,316	1,793
Insurance finance income (expenses)	(2,316)	(1,793)
Net investment result for insurance contracts for account of segregated fund holders	0	0
Net investment result	1,934	1,639
Fee income	8,581	7,832
Other expenses (income)
Other income	(163)	(169)
Operating expenses and commissions	8,766	7,995
Interest expenses	664	552
Total other expenses (income)	9,267	8,378
Income (loss) before income taxes	4,339	3,930
Less: Income tax expense (benefit)	1,040	461
Total net income (loss)	3,299	3,469
Less: Net income (loss) allocated to the participating account	42	178
Net income (loss) attributable to non-controlling interests	128	126
Shareholders' net income (loss)	3,129	3,165
Less: Dividends on preferred shares and distributions on other equity instruments	80	79
Common shareholders' net income (loss)	$ 3,049	$ 3,086
Average exchange rates during the reporting periods (in USD per share) | $ / shares	1.37	1.35
Earnings (loss) per share
Basic (in CAD per share) | $ / shares	$ 5.27	$ 5.27
Diluted (in CAD per share) | $ / shares	5.26	5.26
Dividends per common share (in CAD per share) | $ / shares	$ 3.240	$ 3

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Statement of comprehensive income [abstract]
Total net income (loss)	$ 3,299	$ 3,469
Change in unrealized foreign currency translation gains (losses):
Unrealized gains (losses)	1,346	(290)
Reclassifications to net income (loss)	0	(49)
Change in unrealized gains (losses) on investments at fair value through other comprehensive income:
Unrealized gains (losses)	166	482
Reclassifications to net income (loss) and provision for credit losses recognized into income	(62)	3
Change in unrealized gains (losses) on cash flow hedges:
Unrealized gains (losses)	111	(11)
Reclassifications to net income (loss)	(106)	28
Share of other comprehensive income (loss) in joint ventures and associates:
Unrealized gains (losses)	196	(44)
Reclassifications to net income (loss)	5	0
Total items that may be reclassified subsequently to income	1,656	119
Items that will not be reclassified subsequently to income:
Remeasurement of defined benefit plans	19	(105)
Share of other comprehensive income (loss) in joint ventures and associates	(7)	7
Revaluation of property, plant and equipment	1	0
Total items that will not be reclassified subsequently to income	13	(98)
Total other comprehensive income (loss)	1,669	21
Total comprehensive income (loss)	4,968	3,490
Less: Comprehensive income (loss) allocated to the participating account	39	187
Non-controlling interests' comprehensive income (loss)	138	123
Shareholders’ comprehensive income (loss)	4,791	3,180
Items that may be reclassified subsequently to income:
Unrealized foreign currency translation gains (losses)	(2)	(5)
Unrealized gains (losses) on investments at fair value through other comprehensive income	(44)	(120)
Reclassifications to net income (loss) and provision for credit losses recognized into income on investments at fair value through other comprehensive income	14	(7)
Unrealized gains (losses) on cash flow hedges	(15)	(1)
Reclassifications to net income (loss) for cash flow hedges	11	(6)
Total items that may be reclassified subsequently to income	(36)	(139)
Items that will not be reclassified subsequently to income:
Remeasurement of defined benefit plans	(7)	38
Total items that will not be reclassified subsequently to income	(7)	38
Total income tax benefit (expense) included in other comprehensive income (loss)	$ (43)	$ (101)

CONSOLIDATED STATEMENTS OF FINA

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION $ in Millions	Dec. 31, 2024 CAD ($) $ / shares	Dec. 31, 2023 CAD ($) $ / shares
Assets
Cash, cash equivalents and short-term securities	$ 13,873	$ 13,173
Debt securities	81,955	75,493
Equity securities	9,974	7,138
Mortgages and loans	57,619	54,600
Derivative assets	1,971	2,183
Other financial invested assets	13,306	10,361
Financial assets	178,698	162,948
Investment properties	9,290	9,723
Other non-financial invested assets	1,829	1,657
Invested assets	189,817	174,328
Other assets	7,021	6,462
Reinsurance contracts held that are assets	6,318	5,794
Insurance contract assets	355	184
Deferred tax assets	3,910	3,878
Intangible assets	5,058	5,174
Goodwill	9,456	8,969
Total general fund assets	221,935	204,789
Investments for account of segregated fund holders	148,786	128,452
Total assets	370,721	333,241
Liabilities
Insurance contract liabilities excluding those for account of segregated fund holders	147,269	135,669
Reinsurance contract held liabilities	1,825	1,623
Investment contract liabilities	11,678	11,672
Derivative liabilities	2,077	1,311
Deferred tax liabilities	286	281
Other liabilities	26,292	23,655
Senior debentures	200	200
Subordinated debt	6,179	6,178
Total general fund liabilities	195,806	180,589
Insurance contract liabilities for account of segregated fund holders	20,097	19,041
Investment contract liabilities for account of segregated fund holders	128,689	109,411
Total liabilities	344,592	309,041
Equity
Issued share capital and contributed surplus	10,526	10,660
Shareholders’ retained earnings and accumulated other comprehensive income	15,031	12,922
Total shareholders’ equity	25,557	23,582
Equity in the participating account	496	457
Non-controlling interests’ equity	76	161
Total equity	26,129	24,200
Total liabilities and equity	$ 370,721	$ 333,241
Exchange rates at the end of the reporting periods (in USD per share) | $ / shares	1.44	1.32

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - CAD ($) $ in Millions	Total	Common shares	Total shareholders' equity	Issued capital	Issued capital Common shares	Issued capital Preferred shares and other equity instruments	Contributed surplus	Retained earnings	Retained earnings Common shares	Retained earnings Preferred shares and other equity instruments	Accumulated other comprehensive income (loss), net of taxes	Participating account	Non-controlling interests
Balance, beginning of year at Dec. 31, 2022					$ 8,311		$ 90	$ 11,176			$ 713	$ 270	$ 90
Changes in equity [abstract]
Stock options exercised		$ 56			56		(7)
Common shares purchased for cancellation		(40)			(40)			(146)
Share-based payments							11
Net income (loss)	$ 3,469							3,165				178	126
Dividends on shares									$ (1,762)	$ (79)
Transfer from accumulated other comprehensive income (loss) and Transfer to retained earnings								(37)			37
Changes attributable to acquisition								(160)
Total other comprehensive income (loss) for the year	21		$ 15								15	9	(3)
Distribution to non-controlling interests													(52)
Balance, end of year at Dec. 31, 2023	24,200		23,582	$ 21,343	8,327	$ 2,239	94	12,157			765	457	161
Changes in equity [abstract]
Stock options exercised		47			47		(4)
Common shares purchased for cancellation		$ (182)			(182)			(727)
Share-based payments							5
Net income (loss)	3,299							3,129				42	128
Dividends on shares									$ (1,875)	$ (80)
Transfer from accumulated other comprehensive income (loss) and Transfer to retained earnings								0			0
Changes attributable to acquisition								0
Total other comprehensive income (loss) for the year	1,669		1,662								1,662	(3)	10
Distribution to non-controlling interests													(223)
Balance, end of year at Dec. 31, 2024	$ 26,129		$ 25,557	$ 23,318	$ 8,192	$ 2,239	$ 95	$ 12,604			$ 2,427	$ 496	$ 76

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - CAD ($) $ in Millions		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023
Cash flows provided by (used in) operating activities
Income (loss) before income taxes		$ 4,339	$ 3,930
Adjustments:
Interest expense related to financing activities		398	408
(Decrease) increase in investment contract liabilities		393	331
Changes in insurance contract liabilities and assets		2,133	6,769
Changes in reinsurance contract held assets and liabilities		(136)	10
Realized and unrealized (gains) losses and foreign currency changes on invested assets		129	(4,657)
Sales, maturities and repayments of invested assets		52,512	43,457
Purchases of invested assets		(61,251)	(48,579)
Income taxes received (paid)		(1,138)	(1,240)
Mortgage securitization		(265)	(39)
Other operating activities		5,418	5,222
Net cash provided by (used in) operating activities		2,532	5,612
Cash flows provided by (used in) investing activities
Net (purchase) sale of property and equipment		(143)	(172)
Investment in and transactions with joint ventures and associates		(17)	(75)
Dividends and other proceeds related to joint ventures and associates		160	32
Acquisitions, net of cash and cash equivalents acquired	[1]	0	(439)
Dispositions, net of cash and cash equivalents disposed	[2]	0	297
Other investing activities		(337)	(202)
Net cash provided by (used in) investing activities		(337)	(559)
Cash flows provided by (used in) financing activities
Increase in (repayment of) borrowed funds		23	(72)
Issuance of subordinated debt, net of issuance costs		746	497
Increase in (repayment of) borrowings from credit facility		(340)	141
Redemption of senior debentures and subordinated debt		(750)	(1,000)
Issuance of common shares on exercise of stock options		43	49
Transactions with non-controlling interests		(223)	(52)
Common shares purchased for cancellation		(855)	(186)
Dividends paid on common and preferred shares		(1,962)	(1,882)
Payment of lease liabilities		(175)	(176)
Interest expense paid		(389)	(405)
Net cash provided by (used in) financing activities		(3,882)	(3,086)
Changes due to fluctuations in exchange rates		471	(169)
Increase (decrease) in cash and cash equivalents		(1,216)	1,798
Net cash and cash equivalents, beginning of year		11,170	9,372
Net cash and cash equivalents, end of year		9,954	11,170
Short-term securities, end of year		3,744	2,003
Net cash, cash equivalents and short-term securities, end of year		$ 13,698	$ 13,173
[1]Consists of total cash consideration paid of $522, less cash and cash equivalents acquired of $83 for the year ended December 31, 2023.[2]Consists of total cash consideration received of $516, less cash and cash equivalents disposed of $219 for the year ended December 31, 2023.

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) $ in Millions	12 Months Ended
	Dec. 31, 2023 CAD ($)
Dispositions During Period
Condensed Cash Flow Statements, Captions [Line Items]
Total cash consideration paid	$ 516
Cash and cash equivalents acquired	219
Acquisitions During Period
Condensed Cash Flow Statements, Captions [Line Items]
Total cash consideration paid	522
Cash and cash equivalents acquired	$ 83

Material Accounting Policies

Material Accounting Policies	12 Months Ended
	Dec. 31, 2024
Corporate information and statement of IFRS compliance [abstract]
Material Accounting Policies	1. Material Accounting Policies Description of Business Sun Life Financial Inc. ("SLF Inc.") is a publicly traded company domiciled in Canada and is the holding company of Sun Life Assurance Company of Canada ("Sun Life Assurance"). Both companies are incorporated under the Insurance Companies Act (Canada), and are regulated by the Office of the Superintendent of Financial Institutions, Canada ("OSFI"). SLF Inc. and its subsidiaries are collectively referred to as "us", "our", "ours", "we", or "the Company". We are a leading international financial services organization providing asset management, wealth, insurance and health solutions to individual and institutional Clients. We have operations in a number of markets worldwide including, Canada, the United States ("U.S."), the United Kingdom ("UK"), Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia, and Bermuda. Effective the second quarter of 2023, we completed the sale of our UK business unit. Statement of Compliance We prepared our Consolidated Financial Statements in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"). Our accounting policies have been applied consistently within our Consolidated Financial Statements. Basis of Presentation Our Consolidated Statements of Financial Position are presented in the order of liquidity and each statement of financial position line item includes both current and non-current balances, as applicable. We have defined our reportable business segments and the amou nts disclosed for those segments based on our management structure and the manner in which our internal financial reporting is conducted. The material accounting policies used in the preparation of our Consolidated Financial Statements are summarized below and are applied consistently. Estimates, Assumptions and Judgments The application of our accounting policies requires estimates, assumptions and judgments as they relate to matters that are inherently uncertain. We have established procedures to ensure that our accounting policies are applied consistently and that the processes for changing methodologies for determining estimates are controlled and occur in an appropriate and systematic manner. Use of Estimates and Assumptions The preparation of our Consolidated Financial Statements requires us to make estimates and assumptions that affect the application of our policies and the reported amounts of assets, liabilities, revenue and expenses. Key sources of estimation uncertainty include the measurement of insurance contract assets and liabilities, reinsurance contract held assets and liabilities and investment contract liabilities, determination of fair value, determination and impairment of goodwill and intangible assets, determination of provisions and liabilities for pension plans, other post-retirement benefits, income taxes, and the determination of fair value of share-based payments. Actual results may differ from our estimates thereby impacting our Consolidated Financial Statements. Information on our use of estimates and assumptions is discussed in this Note and other Notes. Judgments In preparation of these Consolidated Financial Statements, we use judgments to select assumptions and determine estimates as described above. We also use judgment when applying accounting policies and when determining the classification of insurance contracts, investment contracts and service contracts; the substance of whether our relationship with a structured entity, subsidiary, joint venture or associate constitutes control, joint control or significant influence; functional currencies; contingencies; acquisitions; deferred income tax assets; and the determination of cash generating unit ("CGU"). Significant estimates and judgments have been made in the following areas and are discussed as noted: Insurance contract and investment contract assumptions and measurement Note 1 Insurance Contracts and Investment Contract Liabilities Note 10 Insurance Contracts Determination of fair value Note 1 Basis of Consolidation Note 1 Determination of Fair Value Note 3 Acquisitions and Other Note 5 Total Invested Assets and Related Net Investment Income Determination of fair value of insurance contracts on transition for adoption of IFRS 17 Note 1 Insurance Contracts Income taxes Note 1 Income Taxes Note 19 Income Taxes Pension plans Note 1 Pension Plans and Other Post-Retirement Benefits Note 24 Pension Plans and Other Post-Retirement Benefits Goodwill and intangible assets on acquisition and impairment Note 1 Goodwill Note 1 Intangible Assets Note 3 Acquisitions and Other Note 9 Goodwill and Intangible Assets Determination of control for purpose of consolidation Note 1 Basis of Consolidation Note 15 Interests in Other Entities Share-based payments Note 18 Share-Based Payments Basis of Consolidation Our Consolidated Financial Statements include the results of operations and the financial position of subsidiaries, which includes structured entities controlled by us, after intercompany balances and transactions have been eliminated. Subsidiaries are fully consolidated from the date we obtain control, and deconsolidated on the date control ceases. The acquisition method is used to account for the acquisition of a subsidiary from an unrelated party at the date that control is obtained, with the difference between the consideration transferred and the fair value of the subsidiary’s net identifiable assets acquired recorded as goodwill. Judgment is required to determine fair value of the net identifiable assets acquired in a business combination. Interests in controlled entities held by external parties are reported as non-controlling interests ("NCI"). We control an entity when we have power over an entity, exposure to or rights to variable returns from our involvement with an entity, and the ability to affect our returns through our power over an entity. Power exists when we have rights that give us the ability to direct the relevant activities, which are those activities that could significantly affect the entity’s returns. Power can be obtained through voting rights or other contractual arrangements. Judgment is required to determine the relevant activities and which party has power over these activities. When we have power over and variable returns from an entity, including an investment fund that we manage, we also apply significant judgment in determining whether we are acting as a principal or agent. To make this determination, we consider factors such as how much discretion we have regarding the management of the investment fund and the magnitude and extent of variability associated with our interests in the fund. If we determine we are the principal rather than the agent, we would consolidate the assets and liabilities of the fund. Interests held by external parties in investment funds that we consolidate are recorded as third-party interest in consolidated investment funds in Other liabilities. If we lose control of an entity, the assets and liabilities of that entity are derecognized from our Consolidated Statements of Financial Position at the date at which control is lost and any investment retained is remeasured to fair value. A joint venture exists when SLF Inc., or one of its subsidiaries, has joint control of a joint arrangement and has rights to the net assets of the arrangement. Joint control is the contractually agreed sharing of control and exists only when the decisions about the relevant activities require the unanimous consent of the parties sharing control. Associates are entities over which SLF Inc. or its subsidiaries are able to exercise significant influence. Significant influence is the power to participate in the financial and operating policy decisions of an investee but not have control or joint control over those decisions. Significant influence is generally presumed to exist when SLF Inc. or its subsidiaries holds greater than 20% of the voting power of the investee but does not have control or joint control. The equity method is used to account for our interests in joint ventures and associates. A joint operation exists when SLF Inc., or one of its subsidiaries, has joint control of an arrangement that gives it rights to the assets and obligations for the liabilities of the operation, rather than the net assets of the arrangement. For joint operations, we record our share of the assets, liabilities, revenue and expenses of the joint operation. Judgment is required to determine whether contractual arrangements between multiple parties results in control, joint control or significant influence, with consideration of the relevant activities of the entity, voting rights, representation on boards of directors and other decision-making factors. Judgment is also required to determine if a joint arrangement is a joint venture or joint operation, with consideration of our rights and obligations and the structure and legal form of the arrangement. Determination of Fair Value Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Fair value is measured using the assumptions that market participants would use when pricing an asset or liability. We determine fair value by using quoted prices in active markets for identical or similar assets or liabilities. When quoted prices in active markets are not available, fair value is determined using valuation techniques that maximize the use of observable inputs. When observable valuation inputs are not available, significant judgment is required to determine fair value by assessing the valuation techniques and valuation inputs. The use of alternative valuation techniques or valuation inputs may result in a different fair value. A description of the fair value methodologies, assumptions, valuation techniques, and valuation inputs by type of asset is included in Note 5. A description of the fair value methodologies, assumptions, valuation techniques and valuation inputs for the transition of insurance contracts to IFRS 17 Insurance Contracts ("IFRS 17") is included in Note 1. Foreign Currency Translation Translation of Transactions in Foreign Currencies The financial results of SLF Inc. and its subsidiaries, joint ventures and associates are prepared in the currency in which they conduct their ordinary course of business, which is referred to as functional currency. Transactions occurring in currencies other than the functional currency are translated to the functional currency using the spot exchange rates at the dates of the transactions. Monetary assets and liabilities in foreign currencies are translated to the functional currency at the exchange rate at the statement of financial position date. Insurance contract and reinsurance contract held assets and liabilities, including the contractual service margin ("CSM"), are monetary items. Non-monetary assets and liabilities in foreign currencies that are held at fair value are translated using the exchange rate at the statement of financial position date, while non-monetary assets and liabilities that are measured at historical cost are translated using the exchange rate at the date of the transaction. The resulting exchange differences from the translation of monetary items and non-monetary items held at fair value, with changes in fair value recorded to income, are recognized in our Consolidated Statements of Operations. For monetary assets classified as fair value through other comprehensive income ("FVOCI"), translation differences calculated on amortized cost are recognized in our Consolidated Statements of Operations and other changes in carrying amount are recognized in other comprehensive income ("OCI"). The exchange differences from the translation of non-monetary items on these assets are recognized in OCI. Translation to the Presentation Currency In preparing our Consolidated Financial Statements, the financial statements of foreign operations are translated from their respective functional currencies to Canadian dollars, our presentation currency. Assets and liabilities are translated at the closing exchange rate at the statement of financial position date, and income and expenses are translated using the average exchange rates. The accumulated gains or losses arising from translation of functional currencies to the presentation currency, net of the effect of any hedges, are included as a separate component of OCI within equity. Upon disposal of a foreign operation that includes loss of control, significant influence or joint control, the cumulative exchange gain or loss related to that foreign operation is recognized in income. Invested Assets Financial Assets Excluding Derivative Financial Instruments Financial assets include cash, cash equivalents and short-term securities, debt securities, equity securities, mortgages and loans, and other financial invested assets. i) Initial Recognition and Subsequent Measurement Classification of financial assets Financial assets are measured at initial recognition at fair value and are classified as and subsequently measured at fair value through profit or loss ("FVTPL"), FVOCI, or amortized cost based on the business model used to manage the financial asset and the contractual cash flow characteristics of the asset. Amortized cost is determined using the effective interest rate method, which is the gross carrying amount less the allowance for expected credit losses ("ECL"). Financial assets are not reclassified subsequent to initial recognition unless the business model used to manage the financial asset has changed. Financial assets are recognized in the Consolidated Statements of Financial Position on their trade dates, which are the dates that we commit to purchase or sell the assets. Originated mortgages and loans are recognized in the Consolidated Statements of Financial Position on their settlement dates. A financial asset is measured at amortized cost if both of the following conditions are met and the asset is not designated at FVTPL: • The asset is held within a business model that is held to collect ("HTC"), in which the collection of contractual cash flows from the financial asset is the primary objective and sales are expected to be insignificant or infrequent; and • The contractual terms of the asset give rise to cash flows that are solely payments of principal and interest ("SPPI") on the principal amount outstanding. A financial asset is measured at FVOCI if both of the following conditions are met and the asset is not designated at FVTPL: • The asset is held within a business model that is held to collect and sell ("HTC&S"), in which both the collection of contractual cash flows and the sale of financial assets are integral to achieving the objective of the business model; and • The contractual terms of the asset give rise, on specified dates, to cash flows that are SPPI. Financial assets that are managed on a fair value basis and do not meet the objectives of a HTC or HTC&S business model, such as financial assets that are held for trading, are measured at FVTPL and fall within the scope of other business models. All financial assets not classified as amortized cost or FVOCI, as described above, are measured at FVTPL. Financial assets at FVTPL include financial assets that are held-for-trading. A financial asset is classified as held-for-trading if it is acquired principally for the purpose of selling in the near term. Cash, cash equivalents and short-term securities are held for trading for the purpose of meeting short-term cash requirements and are measured at FVTPL. On initial recognition, we may also make an irrevocable election to designate a financial asset that would otherwise be measured at amortized cost or FVOCI as measured at FVTPL if the financial asset is managed together with a related financial liability and their performance is evaluated on a fair value basis. Certain debt securities, mortgages and loan instruments that support insurance contract liabilities, which are measured at fair value, have been designated at FVTPL, as doing so significantly reduces measurement inconsistency with the related insurance contract liabilities. These financial assets would otherwise have been measured at FVOCI or amortized cost. Equity securities are measured at FVTPL, unless the asset is not held for trading purposes and we make an irrevocable election to designate the asset at FVOCI. This election is made on an instrument-by-instrument basis. If such an election is made, the fair value changes, including any associated foreign exchange gains or losses, are recognized in OCI and are not subsequently reclassified to the Consolidated Statements of Operations, including upon disposal. Realized gains and losses are transferred directly to retained earnings upon disposal. The following table summarizes the financial assets included in our Consolidated Statements of Financial Position and the applicable classifications: IFRS 9 Cash, cash equivalents and short-term securities FVTPL Debt securities FVTPL, FVOCI Equity securities FVTPL, FVOCI Mortgages and loans FVTPL, FVOCI, Amortized cost Other financial invested assets FVTPL Business model assessment We determine our business models at the level that best reflects how we manage portfolios of financial assets to achieve our business objectives. Judgment is used in determining our business models, which is supported by relevant, objective evidence including: • How the economic activities of our businesses generate benefits, for example, through enhancing yields or hedging and how such economic activities are evaluated and reported to key management personnel; • The significant risks affecting the performance of our businesses, for example, market risk, credit risk, or other risks as described in the Risk Management section of Management’s Discussion and Analysis, and the activities undertaken to manage those risks; • The frequency, volume, and timing of sales in prior periods, the reasons for the sales and expectations about future sales activity. Information about sales activity is not considered in isolation, but as part of an overall assessment of how our stated objective for managing the financial assets is achieved and how cash flows are realized; and • The compensation structures for managers of our businesses, to the extent that these are directly linked to the economic performance of the business model. Our business models include HTC, HTC&S and other, as described above. Assessment of whether contractual cash flows are SPPI Financial assets held within a HTC or HTC&S business model are assessed to evaluate if their contractual cash flows are comprised of SPPI. SPPI payments are those which would typically be expected from basic lending arrangements, such as interest and basic lending returns, compensation for credit risk and the time value of money, costs associated with holding the financial asset for a period of time, and a profit margin. In making the SPPI assessment, we consider the contractual terms of the instrument, including assessment of whether the timing or amount of the contractual cash flows could change by a contractual term of the financial asset. A prepayment feature is consistent with the SPPI criterion if the prepayment amount substantially represents unpaid amounts of principal and interest on the principal amount outstanding, which may include reasonable compensation for early termination of the contract. Where the contractual terms introduce exposure to risk or variability of the cash flows that are inconsistent with a basic lending arrangement, the related financial asset is classified as and measured at FVTPL. Subsequent measurement Equity securities, debt securities, mortgages and loans, and assets related to Collateralized Loan Obligations ("CLOs") that are classified or designated at FVTPL are recorded at fair value in our Consolidated Statements of Financial Position, and gains or losses, including interest or dividend income and foreign exchange gains and losses, are recognized in Net investment income (loss) in the Consolidated Statements of Operations. Debt securities and mortgages and loans that are classified as FVOCI are recorded at fair value. Interest income, foreign exchange gains (losses), and impairment are recognized in Net investment income (loss) in the Consolidated Statements of Operations. Other gains or losses are recognized in OCI. Mortgages and loans classified as amortized cost are subsequently measured using the effective interest rate method. Interest income, foreign exchange gains and losses, and impairment are presented in Net investment income (loss) in the Consolidated Statements of Operations. Other financial invested assets include investments in limited partnerships, segregated funds, mutual funds, and assets related to CLOs that are classified as FVTPL. These financial assets are recorded at fair value, and gains or losses are recognized in Net investment income (loss) in the Consolidated Statements of Operations. Debt securities and Mortgages and loans included in Other financial invested assets that are classified as FVOCI are recorded at fair value. Cash equivalents are highly liquid instruments with a term to maturity of three months or less. Cash and cash equivalents are classified as FVTPL and the fair values are assumed to approximate their carrying values, due to their short-term nature or because they are frequently repriced to current market rates. Short-term securities are those that have a term to maturity exceeding three months but less than one year. The fair value of short-term securities is approximated by their carrying amount. ii) Derecognition Financial assets are derecognized when our contractual rights to the cash flows of the financial asset have expired, or when we transfer the rights to receive contractual cash flows and substantially all the risks and rewards of owning the financial assets have been transferred. When we neither retain nor transfer substantially all the risks and rewards of ownership, the financial assets are derecognized if control over the financial assets have been relinquished. If we retain control of the financial assets, we continue to recognize the transferred assets to the extent of our continuing involvement. When financial assets are derecognized, the difference between the carrying amount and the consideration received on the date of derecognition is recognized in Net investment income (loss) in the Consolidated Statements of Operations. For debt securities at FVOCI, the cumulative gains (losses) previously recognized in OCI are reclassified to Net investment income (loss) in the Consolidated Statements of Operations. For equity investments designated at FVOCI, the cumulative gains (losses) previously recognized in OCI are not reclassified to income. For financial assets measured at amortized cost in which modifications have resulted in derecognition, the gain (loss) is presented together with impairment losses if the modification was a result of financial difficulties of the borrower. Otherwise, the gain (loss) is presented as Net investment income (loss) in the Consolidated Statements of Operations. Judgment is applied in determining whether contractual rights to the cash flows from the transferred assets have expired or whether we retain the rights to receive the cash flows on the assets but have assumed an obligation to pay for those cash flows. iii) Impairment We establish an allowance for ECL for financial assets not classified or designated at FVTPL. Financial assets measured at amortized cost are presented at their carrying amounts on the Consolidated Statements of Financial Position, which is the gross carrying amount less the allowance for ECL, with changes in the allowance for ECL recognized in Provision for credit losses in Net investment income (loss) in the Consolidated Statements of Operations. The allowance for ECL on financial assets measured at FVOCI, including debt securities and mortgages and loans, does not reduce the carrying amount of the assets in the Consolidated Statements of Financial Position, which remains at fair value. Rather, an amount equal to the allowance for ECL that would arise if the assets were measured at amortized cost is recognized in OCI, with changes in the allowance for ECL recognized in Provision for credit losses in Net investment income (loss) in the Consolidated Statements of Operations. At the end of each reporting period, we apply a three-stage impairment approach to measure the ECL on financial assets measured at amortized cost or at FVOCI: • Stage 1: For financial assets that have not experienced a significant increase in credit risk since the date of initial recognition, a loss allowance equal to the credit losses expected to result from default events occurring over the 12 months following the reporting date is recognized. • Stage 2: For financial assets that have experienced a significant increase in credit risk since the date of initial recognition, a loss allowance equal to the credit losses expected to result from default events occurring over the remaining lifetime of the financial asset is recognized. • Stage 3: When a financial asset is considered to be credit-impaired, a loss allowance equal to the ECL over the remaining lifetime of the financial asset is recognized. Interest income is calculated based on the carrying amount of the asset, net of the loss allowance. We monitor all financial assets that are subject to impairment for significant increase in credit risk. In making this assessment, we consider both quantitative and qualitative information that is reasonable and supportable, including historical experience and forward-looking information that is available without undue cost or effort. Additional details about significant increase in credit risk and forward-looking information are provided in Note 6. Modified financial assets The contractual terms of a financial asset may be modified for a number of reasons, including changing market conditions and other factors not related to a current or potential credit deterioration of the borrower. An existing financial asset whose terms have been modified may be derecognized and the renegotiated asset recognized as a new financial asset at fair value in accordance with the accounting policies in this Note. If modification does not result in derecognition, the financial asset continues to be subject to the assessment for significant increase in credit risk relative to initial recognition. Expected cash flows arising from the modified contractual terms are considered when calculating the ECL for the modified asset. For loans that were modified while having lifetime ECLs, such loans can revert to having 12-month ECLs if the borrower's financial condition that led to it being identified as credit-impaired are no longer present. Definition of default The definition of default used in the measurement of ECL is consistent with the definition of default used for our internal credit risk management purposes. We consider a financial asset to be in default when the issuer is unlikely to meet its credit obligations in full, without recourse action on our part, or when the financial asset is 90 days past due. Our definition of default may differ across financial assets and consider qualitative factors, such as the terms of financial covenants, breaches of such covenants, and other indicators of financial distress, as well as quantitative factors, such as overdue status and non-payment of other obligations under the same issuer. We use internally developed data and those obtained from external sources when assessing default. Credit-impaired financial assets (Stage 3) At each reporting date, we assess whether financial assets measured at amortized cost and FVOCI are credit-impaired. A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. Evidence of credit-impairment may include indications that the borrower is experiencing significant financial difficulty, probability of bankruptcy or other financial reorganization, as well as a measurable decrease in the estimated future cash flows evidenced by the adverse changes in the payments status of the borrower or economic conditions that correlate with defaults. If a financial asset is credit-impaired, interest income is calculated based on the carrying amount of the asset, which is net of the allowance for ECL, rather than on the gross carrying amount. Write-off of financial assets The gross carrying amount of a financial asset, and the related allowance for ECL, is written off (either partially or in full) to the extent that there is no realistic prospect of recovery. This is generally the case when we determine that the borrower does not have assets or sources of income that could generate sufficient cash flows to repay the amounts subject to the write-off. However, financial assets that are written off could still be subject to enforcement activities in order to comply with procedures for recovery of amounts due. iv) Embedded Derivatives Under IFRS 9 Financial Instruments ("IFRS 9"), derivatives embedded in contracts where the host is a financial asset in scope of IFRS 9 are not separated. Instead, the hybrid financial instrument, as a whole, is assessed for classification. Collateral Cash received (pledged) as collateral is recognized (derecognized) in our Consolidated Statements of Financial Position with corresponding amounts recognized in Other liabilities (Other assets), respectively. All other types of assets received (pledged) as collateral are not recognized (derecognized) in our Consolidated Statements of Financial Position. Derivative Financial Instruments All derivative financial instruments are recorded at fair value in our Consolidated Statements of Financial Position. Derivatives with a positive fair value are recorded as Derivative assets while derivatives with a negative fair value are recorded as Derivative liabilities. The accounting for the changes in fair value of a derivative instrument depends on whether or not it is designated as a hedging instrument for hedge accounting purposes. Changes in fair value of derivatives that are not designated for hedge accounting purposes, which are defined as derivative investments, are recorded in Net investment income (loss) in our Consolidated Statements of Operations. Income earned or paid on these derivatives is recorded in Net investment income (loss) in our Consolidated Statements of Operations. Hedge accounting is applied to certain derivatives to reduce income statement volatility. All hedging relationships are documented at inception and hedge effectiveness is assessed at inception and on a quarterly basis to determine whether the hedging instruments are highly effective in offsetting changes attributable to the hedged risk in the fair value or cash flows of the hedged items. We have elected to continue to apply the hedge accounting principles under IAS 39 Financial Instruments: Recognition and Measurement instead of those under IFRS 9. Cash Flow Hedges Certain equity and foreign currency forwards are designated as hedging instruments in cash flow hedges for anticipated payments of awards under certain share-based payment plans and for anticipated foreign currency purchases of foreign operations. Changes in the fair value of derivatives for the effective portion of the hedge are recognized in OCI, while the ineffective portion of the hedge and any items excluded from the hedging relationship, such as the spot-to-forward differential, are recognized in net investment income in our Consolidated Statements of Operations. A portion of the amount recognized in OCI related to the equity forwards is reclassified to income as a component of Operating expenses as the liabilities for the share-based payment awards are accrued over the vesting period. A portion of the amounts recognized in OCI related to the foreign currency forwards would be reclassified to income upon disposal or impairment of the foreign operations. All amounts recognized in, or reclassified from, OCI are net of related taxes. Investment Properties Investment properties are real estate held to earn rental income, for capital appreciation, or both. Properties held to earn rental income or for capital appreciation that have an insignificant portion that

Changes in Accounting Policies

Changes in Accounting Policies	12 Months Ended
	Dec. 31, 2024
Disclosure of changes in accounting policies, accounting estimates and errors [Abstract]
Changes in Accounting Policies	2. Changes in Accounting Policies 2.A New and Amended International Financial Reporting Standards Adopted in 2024 In September 2022, the IASB issued amendments to IFRS 16 Leases to add subsequent measurement requirements for sale and leaseback transactions that satisfy the requirements in IFRS 15 Revenue from Contracts with Customers to be accounted for as a sale. The amendments require a seller-lessee to subsequently measure lease liabilities arising from a leaseback in a way that it does not recognize any amount of the gain or loss that relates to the right of use it retains. The adoption of this amendment, effective January 1, 2024, did not have a material impact on our Consolidated Financial Statements. 2.B New and Amended International Financial Reporting Standards to be Adopted in 2025 or Later In April 2024, the IASB issued IFRS 18 Presentation and Disclosure in Financial Statements ("IFRS 18") which replaces IAS 1 Presentation of Financial Statements . IFRS 18 introduces new requirements on presentation within the statement of profit or loss, disclosure of management-defined performance measures, and principles for aggregation and disaggregation of financial information in the financial statements and the notes. IFRS 18 will be effective for annual reporting periods beginning on or after January 1, 2027. IFRS 18 is to be applied retrospectively. We are currently assessing the impact that IFRS 18 will have on our Consolidated Financial Statements. In May 2024, the IASB issued amendments to IFRS 9 and IFRS 7 Financial Instruments: Disclosures . The amendments clarify the derecognition of a financial liability settled through electronic transfer and introduces an accounting policy option to derecognize a financial liability settled through electronic transfer before the settlement date, if specific criteria are met. The amendments additionally clarify the classification of financial assets with environmental, social and corporate governance and similar features and also required additional disclosures for certain financial instruments. The amendments will be effective for annual reporting periods beginning on or after January 1, 2026. The amendments are to be applied retrospectively. We are currently assessing the impact of these amendments on our Consolidated Financial Statements.

Acquisitions and Other

Acquisitions and Other	12 Months Ended
	Dec. 31, 2024
Disclosure of detailed information about business combination [abstract]
Acquisitions and Other	3. Acquisitions and Other Dialogue Health Technologies On October 3, 2023, we completed the acquisition of an additional 72% interest in Dialogue Health Technologies ("Dialogue"), as well as the ability to acquire the remaining interest in the future. Total consideration paid was cash of $272. With the existing 23% ownership, our total ownership interest increased to 95%. Dialogue is a Canadian-based health and wellness virtual care platform and will form a part of our Canada business segment. The fair values of the identifiable assets and liabilities acquired were: As at October 3, 2023 (1) Intangible assets $ 193 Net assets 32 Liabilities (2) (36) Total identifiable net assets at fair value 189 Goodwill arising on acquisition (3) 161 Existing ownership interest (78) Total consideration $ 272 (1) The fair values of the identifiable assets and liabilities were subject to refinement and have been adjusted. (2) Liabilities comprise of deferred tax liability and other liability representing minority interest. (3) Goodwill primarily reflects expected synergies and economies of scale with our existing business within Sun Life Health in Canada. Goodwill is not tax deductible. Dialogue's management shareholders have the option to require us to purchase their shares ("other liability") commencing in 2029. We have a call option to acquire these remaining outstanding shares commencing in 2029. The fair value of the other liability was recognized in Other liabilities. Any changes to the carrying value of the other liability after the acquisition date will be recognized in the Consolidated Statement of Operations. SLF of Canada UK Limited Disposition On August 4, 2022, we entered into an agreement to sell SLF of Canada UK Limited ("Sun Life UK"). Effective April 3, 2023, we completed the sale of Sun Life UK to Phoenix Group Holdings plc. Sun Life UK manages life and pension policies as well as payout annuities blocks for UK Clients. Sun Life UK was closed to new sales and had operated as a run-off business since 2001. We retained our economic interest in the payout annuities business after the sale through a reinsurance treaty that is reported within our U.S. segment. During the second quarter of 2023, a gain of $12 on the sale of the business was recognized in Total net income on the Consolidated Statements of Operations. The disposal is included within our Corporate business segment. The details of the disposition are summarized as follows: As at April 3, 2023 Cash consideration $ 418 Less: Net assets (359) Less: Foreign currency translation, transaction costs, and other adjustments (47) Total gain recognized in Total net income in 2023 $ 12 Advisors Asset Management Inc. On February 1, 2023, we completed the acquisition of a 51% interest, on a fully diluted basis, in Advisors Asset Management Inc. ("AAM"), as well as the ability to acquire the remaining interest in the future. AAM is a leading independent U.S. retail distribution firm, and forms part of our Asset Management business segment. AAM will become the U.S. retail distribution arm of SLC Management. Consideration included $250 (US$188) in cash. The fair values of the identifiable assets and liabilities acquired were: As at February 1, 2023 (1) Intangible assets $ 385 Net assets 44 Deferred tax liability (100) Total identifiable net assets at fair value 329 Goodwill arising on acquisition (2) 134 Non-controlling interests (3) (213) Total consideration $ 250 (1) The fair values of the identifiable assets and liabilities were subject to refinement and have been adjusted. (2) Goodwill primarily reflects non-contractual customer relationships, including synergies from the combination of AAM with our existing investment management relationships within our Asset Management segment. Goodwill is not tax deductible. (3) We have elected to measure NCI at fair value for this acquisition. The fair value was determined by calculating the proportionate share of the present value of future cash flows relating to NCI. Significant assumptions inherent in the valuation of NCI include the estimated after-tax cash flows expected to be received and an assessment of the appropriate discount rate. AAM minority shareholders also have the option to require us to purchase their shares ("put option") in 2028. We have a call option to acquire the remaining outstanding shares held by these minority shareholders commencing in 2028. The fair value of the put option liability was recognized in Other financial liabilities and any excess over the carrying amounts arising from transactions relating to non-controlling shareholders was recorded as a reduction to Retained earnings. Any changes to the carrying value of the financial liability after the acquisition date will be recognized in the Consolidated Statements of Operations. As at February 1, 2023 Share purchase Put option adjustments Total Cash consideration $ (250) $ — $ (250) Intangible assets 384 — 384 Goodwill arising on acquisition 135 — 135 Net assets 44 — 44 Total assets $ 313 $ — $ 313 Deferred tax liability $ (100) $ — $ (100) Other financial liabilities — put option — (369) (369) Total liabilities $ (100) $ (369) $ (469) Non-controlling interests $ (213) $ 213 $ — Retained earnings — 156 156 Total equity $ (213) $ 369 $ 156 Other On March 21, 2024, we sold a portion of our investment in Aditya Birla Sun Life AMC Limited. As a result of the disposition, our ownership interest was reduced by 6.3% and we generated gross proceeds of $136, which included a realized gain of approximately $98 (pre-tax). Subsequently on May 31, 2024, we completed the partial disposition through the sale of an additional 0.2% of ownership interest. After the disposition, we retained ownership of the listed entity of 30%. On January 20, 2023, we announced our entry into a 15-year exclusive bancassurance partnership with Dah Sing Bank, Limited. This is our first exclusive bancassurance partnership in Hong Kong and will be a valuable complement to our existing network of insurance advisors. Effective July 1, 2023, we commenced the partnership. We will pay an amount of approximately $260 for this exclusive arrangement, with ongoing variable payments to Dah Sing Bank, Limited based on the success of the partnership.

Segmented Information

Segmented Information	12 Months Ended
	Dec. 31, 2024
Operating Segments [Abstract]
Segmented Information	4. Segmented Information We have five reportable business segments: Canada, U.S., Asset Management, Asia, and Corporate. These business segments operate in the financial services industry and reflect our management structure and internal financial reporting. Asset Management includes the results of our MFS and SLC Management business units. Corporate includes the results of our UK business unit and our Corporate Support operations, which include run-off reinsurance operations, as well as investment income, expenses, capital, and other items not allocated to our other business groups. In the second quarter of 2023, we completed the sale of our UK business unit and have retained our economic interest in the annuity business via a reinsurance arrangement that is reported under the U.S. reportable segment. Effective the third quarter of 2023, the run-off reinsurance operations are reported under the U.S. reportable segment. Revenues from our business segments are derived primarily from life and health insurance, investment management and annuities, and mutual funds. Revenues not attributed to the strategic business units are derived primarily from Corporate investments and earnings on capital. The expenses in each business segment may include costs or services directly incurred or provided on their behalf at the enterprise level. For other costs not directly attributable to one of our business segments, we use a management reporting framework that uses assumptions, judgments, and methodologies for allocating overhead costs and indirect expenses to our business segments. Intersegment transactions consist primarily of internal financing agreements which are measured at fair values prevailing when the arrangements are negotiated. Intersegment investment income consists primarily of interest paid by U.S. to Corporate. Intersegment fee income is primarily asset management fees paid by our business segments to Asset Management. SLC Management collects fee income and incurs the operational expenses associated with the management of the general fund assets. Intersegment transactions are eliminated in the Consolidation adjustments column in the following tables. Management considers its external Clients to be individuals and corporations. We are not reliant on any individual Client as none is individually significant to our operations. For the years ended Canada U.S. Asset Management Asia Corporate Consolidation adjustments Total December 31, 2024 Insurance revenue: Annuities $ 2,063 $ 307 $ — $ 25 $ — $ — $ 2,395 Life insurance 2,324 2,008 — 1,279 9 — 5,620 Health insurance 4,391 9,981 — 250 — — 14,622 Total Insurance revenue 8,778 12,296 — 1,554 9 — 22,637 Net investment income (loss) 5,039 316 281 1,648 233 (102) 7,415 Fee income 1,771 489 6,391 329 162 (561) 8,581 Segment revenue (1) 15,588 13,101 6,672 3,531 404 (663) 38,633 Expenses: Insurance service expenses 7,309 11,345 — 974 3 — 19,631 Reinsurance contract held net (income) expenses 4 (145) — 56 — — (85) Insurance finance (income) expenses from insurance contracts issued 3,843 63 — 1,233 — — 5,139 Reinsurance finance (income) expenses 81 (121) — (11) — — (51) (Decrease) increase in investment contract liabilities 390 — — 3 — — 393 Other income (2) — — (163) — — — (163) Interest expenses 262 116 172 105 123 (114) 664 Operating expenses and commissions 1,989 1,127 4,596 701 902 (549) 8,766 Total expenses (1) 13,878 12,385 4,605 3,061 1,028 (663) 34,294 Income (loss) before income taxes 1,710 716 2,067 470 (624) — 4,339 Less: Income tax expense (benefit) 395 133 411 124 (23) — 1,040 Total net income (loss) 1,315 583 1,656 346 (601) — 3,299 Less: Net income (loss) allocated to the participating account 98 27 — (83) — — 42 Net income (loss) attributable to non-controlling interests — — 128 — — — 128 Shareholders' net income (loss) $ 1,217 $ 556 $ 1,528 $ 429 $ (601) $ — $ 3,129 December 31, 2023 Insurance revenue: Annuities $ 1,916 $ 222 $ — $ 22 $ 98 $ — $ 2,258 Life insurance 2,165 1,999 — 1,210 (18) — 5,356 Health insurance 4,084 9,500 — 153 5 — 13,742 Total Insurance revenue 8,165 11,721 — 1,385 85 — 21,356 Net investment income (loss) 7,514 1,321 187 2,347 312 (95) 11,586 Fee income 1,483 458 5,953 300 141 (503) 7,832 Segment revenue (1) 17,162 13,500 6,140 4,032 538 (598) 40,774 Expenses: Insurance service expenses 6,855 10,522 — 972 101 — 18,450 Reinsurance contract held net (income) expenses 164 (100) — 7 (2) — 69 Insurance finance (income) expenses from insurance contracts issued 6,415 1,250 — 1,897 113 — 9,675 Reinsurance finance (income) expenses 2 (57) — (4) — — (59) (Decrease) increase in investment contract liabilities 326 — — 5 — — 331 Other income (102) — — — (67) — (169) Interest expenses 160 107 158 74 149 (96) 552 Operating expenses and commissions 1,751 1,031 4,480 489 746 (502) 7,995 Total expenses (1) 15,571 12,753 4,638 3,440 1,040 (598) 36,844 Income (loss) before income taxes 1,591 747 1,502 592 (502) — 3,930 Less: Income tax expense (benefit) 275 148 309 (10) (261) — 461 Total net income (loss) 1,316 599 1,193 602 (241) — 3,469 Less: Net income (loss) allocated to the participating account 64 23 — 91 — — 178 Net income (loss) attributable to non-controlling interests — — 126 — — — 126 Shareholders' net income (loss) $ 1,252 $ 576 $ 1,067 $ 511 $ (241) $ — $ 3,165 (1) Segment revenue and Total expenses exclude Investment result for insurance contracts for account of segregated fund holders. (2) Relates to the early termination of a distribution agreement. We recognized income of $163 (pre-tax) and $46 (net of taxes, NCI impact and others). Assets and liabilities by segment are as follows: Canada U.S. Asset Asia Corporate Consolidation Total As at December 31, 2024 Total general fund assets $ 120,987 $ 37,006 $ 11,066 $ 43,158 $ 10,044 $ (326) $ 221,935 Investments for account of segregated fund holders $ 140,900 $ 429 $ — $ 7,457 $ — $ — $ 148,786 Total general fund liabilities $ 114,300 $ 30,495 $ 7,858 $ 37,780 $ 5,699 $ (326) $ 195,806 As at December 31, 2023 Total general fund assets $ 114,838 $ 34,820 $ 9,979 $ 37,405 $ 8,804 $ (1,057) $ 204,789 Investments for account of segregated fund holders $ 120,963 $ 414 $ — $ 7,075 $ — $ — $ 128,452 Total general fund liabilities $ 107,629 $ 28,860 $ 7,434 $ 31,866 $ 5,857 $ (1,057) $ 180,589 The revenue and assets of our business segments differ from geographic segments primarily due to the geographic segmenting of our Asset Management and Corporate segments. The following table shows revenue by country for Asset Management and Corporate: Asset Management Corporate For the years ended December 31, 2024 2023 2024 2023 Revenue: United States $ 5,995 $ 5,438 $ 180 $ 92 United Kingdom 245 262 — 259 Canada 282 327 53 57 Other countries 150 113 171 130 Segment revenue $ 6,672 $ 6,140 $ 404 $ 538 The following table shows total assets by country for Asset Management and Corporate: Asset Management Corporate As at December 31, 2024 2023 2024 2023 Total general fund assets: United States $ 9,027 $ 8,118 $ 5,161 $ 4,973 United Kingdom 1,047 935 — — Canada 785 658 4,758 3,643 Other countries 207 268 125 188 Total general fund assets $ 11,066 $ 9,979 $ 10,044 $ 8,804

Total Invested Assets and Relat

Total Invested Assets and Related Net Investment Income	12 Months Ended
	Dec. 31, 2024
Fair Value Measurement [Abstract]
Total Invested Assets and Related Net Investment Income	5. Total Invested Assets and Related Net Investment Income 5.A Fair Value of Financial Instruments 5.A.i Carrying Value and Fair Value of Financial Assets and Financial Liabilities The carrying values and fair values of our financial assets and liabilities are shown in the following table: As at December 31, 2024 December 31, 2023 Carrying value Fair value Carrying value Fair value Financial assets Cash, cash equivalents and short-term securities – FVTPL $ 13,873 $ 13,873 $ 13,173 $ 13,173 Debt securities – FVTPL (1) 68,106 68,106 61,180 61,180 Debt securities – FVOCI 13,849 13,849 14,313 14,313 Equity securities – FVTPL 9,900 9,900 7,070 7,070 Equity securities – FVOCI 74 74 68 68 Mortgages and loans – FVTPL (2) 53,233 53,233 50,552 50,552 Mortgages and loans – FVOCI 2,525 2,525 1,948 1,948 Mortgages and loans – Amortized cost (3) 1,861 1,814 2,100 2,006 Derivative assets – FVTPL 1,971 1,971 2,183 2,183 Other financial invested assets (excluding CLOs) – FVTPL (4) 7,950 7,950 6,883 6,883 Other financial invested assets (CLOs) – FVTPL (7) 5,356 5,356 3,478 3,478 Total (5) $ 178,698 $ 178,651 $ 162,948 $ 162,854 Financial liabilities Investment contract liabilities – Amortized cost $ 11,678 $ 11,678 $ 11,672 $ 11,672 Obligations for securities borrowing – FVTPL 239 239 223 223 Derivative liabilities – FVTPL 2,077 2,077 1,311 1,311 Other financial liabilities – Amortized cost (6) 2,265 2,214 2,449 2,348 Other financial liabilities (CLOs) – FVTPL (7) 5,028 5,028 3,247 3,247 Total (8) $ 21,287 $ 21,236 $ 18,902 $ 18,801 (1) Includes primarily debt securities that are designated at FVTPL. (2) Includes primarily mortgages and loans that are designated at FVTPL. (3) Certain mortgages and loans are carried at amortized cost. The fair value of these mortgages and loans, for disclosure purposes, is determined based on the methodology and assumptions described in Note 5.A.iii. As at December 31, 2024, $1,787 and $27 are categorized in Level 2 and Level 3, respectively, of the fair value hierarchy described in this Note (December 31, 2023 — $1,994 and $12, respectively). (4) Other financial invested assets include our investments in segregated funds, mutual funds, and limited partnerships. (5) Invested assets on our Consolidated Statements of Financial Position of $189,817 (December 31, 2023 — $174,328) includes Total financial assets in this table, Investment properties of $9,290 (December 31, 2023 — $9,723), and Other non-financial invested assets of $1,829 (December 31, 2023 — $1,657). Other non-financial invested assets consist of investment in associates, subsidiaries and joint ventures which are not consolidated. (6) Amount reflects the obligations to purchase outstanding shares of certain SLC Management subsidiaries. (7) See below for details on CLOs. (8) Total financial liabilities excluding Senior debentures (Note 12) and Subordinated debt (Note 13). Collateralized Loan Obligations Structure Crescent, a subsidiary within our Asset Management business segment, issues and manages CLOs. Each CLO is a special purpose vehicle that owns a portfolio of investments, consisting primarily of senior secured loans, and issues various tranches of senior and subordinated notes to third parties for the purpose of financing the purchase of those investments. Assets of the special purpose vehicle, the senior secured loans, are included in Other financial invested assets and the associated liabilities, the senior and subordinated notes issued to third parties, are included in Other liabilities in our Consolidated Statements of Financial Position. As at December 31, 2024, the carrying value of the assets related to CLOs are $5,356 (December 31, 2023 — $3,478), which consists of cash and accounts receivable of $679 (December 31, 2023 — $251) and loans of $4,677 (December 31, 2023 — $3,227). These underlying loans are mainly below investment grade. As at December 31, 2024, the carrying value of the liabilities related to CLOs are $5,028 (December 31, 2023 — $3,247). Our maximum contractual exposure to loss related to the CLOs is limited to our investment of $263 (December 31, 2023 — $192) in the most subordinated tranche. The net unrealized loss incurred to date is $56. 5.A.ii Non-Financial Invested Assets Non-financial invested assets consist of investment properties, investment in associates, subsidiaries and joint ventures which are not consolidated. As at December 31, 2024, the carrying value and fair value of investment properties was $9,290 (December 31, 2023 — $9,723) and $9,290 (December 31, 2023 — $9,723), respectively. The carrying value of other non-financial invested assets which were measured using the equity method of accounting was $1,829 as at December 31, 2024 (December 31, 2023 — $1,657). 5.A.iii Fair Value Methodologies and Assumptions The specific inputs and valuation techniques used to determine the fair value of our invested assets and financial liabilities are noted below: Cash, cash equivalents and short-term securities Cash equivalents are highly liquid investments that are subject to insignificant changes in value and are readily convertible into known amounts of cash. Cash equivalents comprise financial assets with maturities of three months or less from the date of acquisition. Short-term securities comprise financial assets with maturities of greater than three months and less than one year when acquired. Cash, cash equivalents and short-term securities are classified as held for trading for the purpose of meeting short-term cash requirements and accounted for at FVTPL due to their short-term nature or because they are frequently repriced to current market rates. Government and corporate debt securities The fair value of government and corporate debt securities is primarily determined using unadjusted quoted prices in active markets for identical or similar securities, where available. When quoted prices in active markets are not available, fair value is determined using market standard valuation methodologies, which include a discounted cash flow method, consensus pricing from various broker dealers that are typically the market makers, or other similar techniques. The assumptions and valuation inputs in applying these market standard valuation methodologies are determined primarily using observable market inputs, which include, but are not limited to, benchmark yields, reported trades of identical or similar instruments, broker-dealer quotes, issuer spreads, bid prices, and reference data including market research publications. In limited circumstances, non-binding broker quotes are used. Asset-backed securities The fair value of asset-backed securities is primarily determined using unadjusted quoted prices in active markets for identical or similar securities, where available, or valuation methodologies and valuation inputs similar to those used for government and corporate debt securities. Additional valuation inputs include structural characteristics of the securities, and the underlying collateral performance, such as prepayment speeds and delinquencies. Expected prepayment speeds are based primarily on those previously experienced in the market at projected future interest rate levels. In limited circumstances where there is a lack of sufficient observable market data to value the securities, non-binding broker quotes are used. Equity securities The fair value of equity securities is determined using unadjusted quoted prices in active markets for identical securities or similar securities, where available. When quoted prices in active markets are not available, fair value is determined using equity valuation models, which include a discounted cash flow method and other techniques that involve benchmark comparison. Valuation inputs primarily include projected future operating cash flows and earnings, dividends, market discount rates, and earnings multiples of comparable companies. Where equity securities are less frequently traded, the most recent exchange-quoted pricing is used to determine fair value. Mortgages and loans The fair value of mortgages and loans is determined by discounting the expected future contractual cash flows using a current market interest rate applicable to financial instruments with a similar yield, credit quality, and maturity characteristics. Valuation inputs typically include benchmark yields and risk-adjusted spreads from current internal lending activities or loan issuances. Valuation inputs also include external lending activities or loan issuances from both public and private markets, enhancing the market observability of inputs. The risk-adjusted spreads are determined based on the borrower’s credit and liquidity, as well as term and other loan-specific features. Derivative financial instruments The fair value of derivative financial instruments depends upon derivative types. The fair value of exchange-traded futures and options is determined using unadjusted quoted prices in active markets, where available, while the fair value of over-the-counter ("OTC") derivatives is determined using pricing models, such as a discounted cash flow method or other market standard valuation techniques, with primarily observable market inputs. Valuation inputs used to price OTC derivatives may include swap interest rate curves, foreign exchange spot and forward rates, index prices, the value of underlying securities, projected dividends, volatility surfaces, and in limited circumstances, counterparty quotes. The fair value of OTC derivative instruments also includes credit valuation adjustments to reflect the credit risk of both the derivative counterparty and ourselves as well as the impact of contractual factors designed to reduce our credit exposure, such as collateral and legal rights of offset under master netting agreements. Inputs into determining the appropriate credit valuation adjustments are typically obtained from publicly available information and include credit default swap spreads when available, credit spreads derived from specific bond yields, or published cumulative default experience data adjusted for current trends when credit default swap spreads are not available. Other financial invested assets The fair value of other financial invested assets consists primarily of limited partnership investments which is based on net asset value ("NAV") provided by management of the limited partnership investments. Based on the unobservable nature of these NAVs, we do not assess whether applying reasonably possible alternative assumptions would have an impact on the fair value of the limited partnership investments. Investment properties The fair value of investment properties is generally determined using property valuation models that are based on expected capitalization rates and models that discount expected future net cash flows at current market interest rates reflective of the characteristics, location, and market of each property. Expected future net cash flows include contractual and projected cash flows and forecasted operating expenses, and take into account interest, rental, and occupancy rates derived from market surveys. The estimates of future cash inflows in addition to expected rental income from current leases, include projected income from future leases based on significant assumptions that are consistent with current market conditions. The future rental rates are estimated based on the location, type, and quality of the properties, and take into account market data and projections at the valuation date. The fair values are typically compared to market-based information for reasonability, including recent transactions involving comparable assets. The methodologies and inputs used in these models are in accordance with real estate industry valuation standards. Valuations are prepared externally or internally by professionally accredited real estate appraisers. Investments for account of segregated fund holders The fair value of investments for account of segregated fund holders is determined using unadjusted quoted prices in active markets or independent valuation information provided by investment managers. The fair value of direct investments within investments for account of segregated fund holders, such as short-term securities and government and corporate debt securities, is determined according to valuation methodologies and inputs described above in the respective asset type sections. Investment contract liabilities The fair value of investment contracts is measured through the use of prospective discounted cash flow method. For unit-linked contracts, the fair value is equal to the current unit fund value, plus additional non-unit liability amounts on a fair value basis if required. For non-unit-linked contracts, the fair value is equal to the present value of contractual cash flow. The fair value of the investment contract liabilities approximate their carrying values due to the nature of the contracts. Obligations for securities borrowing The fair values of these obligations are based on the fair value of the underlying securities, which can include debt or equity securities. The method used to determine fair value is based on the quoted market prices where available in an active market. Other financial liabilities The fair value of other financial liabilities is determined using the discounted contractual cash flow methodology at the incremental borrowing rate or the effective interest rate, where available. Other financial liabilities categorized as Level 3 represent the present value of the estimated price we would pay to acquire any remaining outstanding shares upon exercise of a put option and any mandatory income distributions. The fair value of the liabilities is based on the average earnings before income tax, depreciation and amortization ("EBITDA") for the preceding years before the options’ exercise dates and EBITDA multiples in accordance with the put agreements as well as the expected amount of any mandatory income distributions. A change in EBITDA would impact the fair value of other financial liabilities and our net income (loss). Collateralized loan obligations The fair value of underlying assets within our CLOs is determined primarily using observable market inputs, such as quoted prices for similar assets in active markets and other observable market data. The fair value of underlying liabilities within our CLOs is determined by discounting expected future contractual cash flows using a current market interest rate applicable to financial instruments with a similar yield, credit quality, maturity characteristics, and structural credit protections. The valuation technique maximizes the use of observable inputs that incorporates comparable securities’ prices and other market intelligence. 5.A.iv Fair Value Hierarchy We categorize our assets and liabilities carried at fair value based on the priority of the inputs to the valuation techniques used to measure fair value, into a three-level fair value hierarchy as follows: Level 1: Fair value based on the unadjusted quoted prices for identical instruments in active markets represents a Level 1 valuation. Where possible, valuations are based on quoted prices or observable inputs obtained from active markets. The types of assets and liabilities classified as Level 1 generally include cash and cash equivalents, certain U.S. government and agency securities, exchange-traded equity securities, and certain segregated and mutual fund units held for account of segregated fund holders. Level 2: Fair value is based on quoted prices for similar assets or liabilities traded in active markets, or prices from valuation techniques that use significant observable inputs, or inputs that are derived principally from or corroborated with observable market data through correlation or other means. When a fair value is based on all significant market observable inputs, the valuation is classified as Level 2. Financial instruments traded in a less active market are valued using indicative market prices, the present value of cash flows or other valuation methods. The types of assets and liabilities classified as Level 2 generally include Canadian federal, provincial and municipal government, other foreign government and corporate debt securities, certain asset-backed securities, repurchase agreements, OTC derivatives, and certain segregated and mutual fund units held for account of segregated fund holders. Level 3: Fair value is based on valuation techniques that require one or more significant inputs that are not based on observable market inputs. These unobservable inputs reflect our expectations about the assumptions market participants would use in pricing the asset or liability. Where financial instruments trade in inactive markets or when using models where observable parameters do not exist, significant management judgment is required for valuation methodologies and model inputs. The types of assets and liabilities classified as Level 3 generally include certain corporate bonds, certain asset-backed securities, certain other financial invested assets, investment properties, and certain segregated and mutual fund units held for account of segregated fund holders. Our assets and liabilities that are carried at fair value on a recurring basis by hierarchy level are as follows: As at December 31, 2024 December 31, 2023 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Cash, cash equivalents and short-term securities – FVTPL $ 13,243 $ 630 $ — $ 13,873 $ 12,316 $ 857 $ — $ 13,173 Debt securities – FVTPL 463 67,126 517 68,106 564 60,214 402 61,180 Debt securities – FVOCI 505 13,193 151 13,849 651 13,475 187 14,313 Equity securities – FVTPL 6,331 3,358 211 9,900 4,220 2,737 113 7,070 Equity securities – FVOCI — — 74 74 — — 68 68 Mortgages and loans – FVTPL — 50,933 2,300 53,233 — 48,496 2,056 50,552 Mortgages and loans – FVOCI — 2,512 13 2,525 — 1,948 — 1,948 Derivative assets – FVTPL 28 1,943 — 1,971 23 2,160 — 2,183 Other financial invested assets (excluding CLOs) – FVTPL (1) 859 211 6,880 7,950 608 201 6,074 6,883 Other financial invested assets (CLOs) – FVTPL (2) — 5,356 — 5,356 — 3,478 — 3,478 Investment properties – FVTPL — — 9,290 9,290 — — 9,723 9,723 Total invested assets measured at fair value $ 21,429 $ 145,262 $ 19,436 $ 186,127 $ 18,382 $ 133,566 $ 18,623 $ 170,571 Investments for account of segregated fund holders – FVTPL 17,253 131,074 459 148,786 16,614 111,497 341 128,452 Total assets measured at fair value $ 38,682 $ 276,336 $ 19,895 $ 334,913 $ 34,996 $ 245,063 $ 18,964 $ 299,023 Liabilities Obligations for securities borrowing – FVTPL $ 4 $ 235 $ — $ 239 $ 3 $ 220 $ — $ 223 Derivative liabilities – FVTPL 28 2,049 — 2,077 10 1,301 — 1,311 Other financial liabilities (CLOs) – FVTPL (2) — 5,028 — 5,028 — 3,247 — 3,247 Investment contract liabilities for account of segregated fund holders – FVTPL — — 128,689 128,689 — — 109,411 109,411 Total liabilities measured at fair value $ 32 $ 7,312 $ 128,689 $ 136,033 $ 13 $ 4,768 $ 109,411 $ 114,192 (1) Other financial invested assets (excluding CLOs) – FVTPL include our investments in segregated funds, mutual funds, and limited partnerships. (2) For details on CLOs, refer to Note 5.A.i. Debt securities at FVTPL consist of the following: As at December 31, 2024 December 31, 2023 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Canadian federal government $ — $ 6,790 $ 13 $ 6,803 $ — $ 5,147 $ 14 $ 5,161 Canadian provincial and municipal government — 15,302 — 15,302 — 13,694 — 13,694 U.S. government and agency 463 163 — 626 564 148 — 712 Other foreign government — 3,762 34 3,796 — 3,329 — 3,329 Corporate — 32,929 465 33,394 — 31,809 340 32,149 Asset-backed securities: Commercial mortgage-backed securities — 2,163 — 2,163 — 2,029 5 2,034 Residential mortgage-backed securities — 3,539 — 3,539 — 2,335 — 2,335 Collateralized debt obligations — 352 1 353 — 188 — 188 Other — 2,126 4 2,130 — 1,535 43 1,578 Total debt securities at FVTPL $ 463 $ 67,126 $ 517 $ 68,106 $ 564 $ 60,214 $ 402 $ 61,180 Debt securities at FVOCI consist of the following: As at December 31, 2024 December 31, 2023 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Canadian federal government $ — $ 734 $ — $ 734 $ — $ 849 $ — $ 849 Canadian provincial and municipal government — 353 — 353 — 557 — 557 U.S. government and agency 501 8 — 509 651 7 — 658 Other foreign government 4 397 12 413 — 462 11 473 Corporate — 7,529 90 7,619 — 7,905 75 7,980 Asset-backed securities: Commercial mortgage-backed securities — 1,084 — 1,084 — 1,017 — 1,017 Residential mortgage-backed securities — 1,159 11 1,170 — 944 — 944 Collateralized debt obligations — 673 38 711 — 767 13 780 Other — 1,256 — 1,256 — 967 88 1,055 Total debt securities at FVOCI $ 505 $ 13,193 $ 151 $ 13,849 $ 651 $ 13,475 $ 187 $ 14,313 Mortgages and loans at FVTPL consist of the following: As at December 31, 2024 December 31, 2023 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Mortgages: Retail $ — $ 2,472 $ 12 $ 2,484 $ — $ 2,524 $ 12 $ 2,536 Office — 2,602 12 2,614 — 2,717 — 2,717 Multi-family residential — 2,887 — 2,887 — 2,986 — 2,986 Industrial — 3,447 — 3,447 — 2,804 — 2,804 Other — 1,034 — 1,034 — 1,017 — 1,017 Corporate loans — 38,491 2,276 40,767 — 36,448 2,044 38,492 Total mortgages and loans at FVTPL $ — $ 50,933 $ 2,300 $ 53,233 $ — $ 48,496 $ 2,056 $ 50,552 Mortgages and loans at FVOCI consist of the following: As at December 31, 2024 December 31, 2023 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Mortgages: Retail $ — $ 83 $ — $ 83 $ — $ 22 $ — $ 22 Office — 19 — 19 — 37 — 37 Multi-family residential — 79 — 79 — 83 — 83 Industrial — 236 — 236 — 149 — 149 Corporate loans — 2,095 13 2,108 — 1,657 — 1,657 Total mortgages and loans at FVOCI $ — $ 2,512 $ 13 $ 2,525 $ — $ 1,948 $ — $ 1,948 There were no significant transfers between Level 1 and Level 2 for the years ended December 31, 2024 and December 31, 2023. The following table provides a reconciliation of the beginning and ending balances for assets that are categorized in Level 3: For the years ended Debt securities at FVTPL Debt Equity Equity Securities at FVOCI Mortgages and loans at FVTPL Mortgages and loans at FVOCI Other financial invested assets at FVTPL Investment properties at FVTPL Total invested assets measured at fair value Investments for account of segregated fund holders Total assets measured at fair value December 31, 2024 Beginning balance $ 402 $ 187 $ 113 $ 68 $ 2,056 $ — $ 6,074 $ 9,723 $ 18,623 $ 341 $ 18,964 Included in net income (1)(2)(3) 2 — 20 — 33 — 251 (455) (149) (8) (157) Included in OCI (2) — 5 — — — — — — 5 — 5 Purchases / Issuances 436 335 77 — 240 22 825 146 2,081 173 2,254 Sales / Payments (48) (47) (1) — (133) — (389) (255) (873) (62) (935) Settlements (37) (50) — — (21) — — — (108) (1) (109) Transfers into Level 3 (4) 117 62 — — 439 6 — — 624 — 624 Transfers (out) of Level 3 (4) (367) (341) — — (320) (15) (15) — (1,058) — (1,058) Foreign currency translation (5) 12 — 2 6 6 — 134 131 291 16 307 Ending balance $ 517 $ 151 $ 211 $ 74 $ 2,300 $ 13 $ 6,880 $ 9,290 $ 19,436 $ 459 $ 19,895 Unrealized gains (losses) included in earnings relating to instruments still held (1) $ (6) $ — $ 19 $ — $ 30 $ — $ 247 $ (369) $ (79) $ — $ (79) December 31, 2023 Beginning balance $ 394 $ 52 $ 101 $ 70 $ 2,054 $ 16 $ 5,555 $ 10,102 $ 18,344 $ 631 $ 18,975 Included in net income (1)(2)(3) 9 — 13 — 119 (8) (169) (520) (556) (15) (571) Included in OCI (2) — 3 — — — 1 — — 4 — 4 Purchases / Issuances 211 153 18 — 293 8 984 391 2,058 173 2,231 Sales / Payments (8) (6) (19) (1) (75) (17) (261) (220) (607) (444) (1,051) Settlements (6) (6) — — (7) — — — (19) (1) (20) Transfers into Level 3 (4) 8 — — — 382 — — — 390 — 390 Transfers (out) of Level 3 (4) (200) (8) — — (710) — — — (918) — (918) Foreign currency translation (5) (6) (1) — (1) — — (35) (30) (73) (3) (76) Ending balance $ 402 $ 187 $ 113 $ 68 $ 2,056 $ — $ 6,074 $ 9,723 $ 18,623 $ 341 $ 18,964 Unrealized gains (losses) included in earnings relating to instruments still held (1) $ 5 $ — $ 9 $ — $ 112 $ (8) $ (170) $ (522) $ (574) $ (18) $ (592) (1) Included in Net investment income (loss) in our Consolidated Statements of Operations for Total invested assets measured at fair value. (2) Total gains and losses in net income (loss) and OCI are calculated assuming transfers into or out of Level 3 occur at the beginning of the period. For an asset or liability that transfers into Level 3 during the reporting period, the entire change in fair value for the period is included in the table above. For transfers out of Level 3 during the reporting period, the change in fair value for the period is excluded from the table above. (3) Investment properties included in net income is comprised of fair value changes on investment properties of $(383) (2023 — $(486)), net of amortization of leasing commissions and tenant inducements of $72 (2023 — $34). As at December 31, 2024, we have used assumptions that reflect known changes in the property values including changes in expected future cash flows. (4) Transfers into Level 3 occur when the inputs used to price the assets and liabilities lack observable market data, and as a result, no longer meet the Level 1 or 2 definitions at the reporting date. Transfers out of Level 3 occur when the pricing inputs become more transparent and satisfy the Level 1 or 2 criteria and are primarily the result of observable market data being available at the reporting date, thus removing the requirement to rely on inputs that lack observability. (5) Foreign currency translation relates to the foreign exchange impact of translating Level 3 assets and liabilities of foreign subsidiaries from their functional currencies to Canadian dollars. Unobservable Inputs and Sensitivity for Level 3 Assets Our assets categorized in Level 3 of the fair value hierarchy are primarily Investment properties, Mortgages and loans, Debt securities and Other invested assets (financial and non-financial). The fair value of Investment properties is determined by using the discounted cash flow methodology as described in Note 5.A.iii. The key unobservable inputs used in the valuation of investment properties as at December 31, 2024 include the following: • Estimated rental value: The estimated rental value is based on contractual rent and other local market lease transactions, net of reimbursable operating expenses. An increase (decrease) in the estimated rental value would result in a higher (lower) fair value. The estimated rental value varies depending on the property types, which include retail, office, and industrial properties. The estimated rental value (in dollars, per square foot, per annum) ranges from $12.00 to $76.00 for retail and office properties and from $3.00 to $23.00 for industrial properties. • Rental growth rate: The rental growth rate is typically estimated based on expected market behaviour, which is influenced by the type of property and geographic region of the property. An increase (decrease) in the rental growth rate would result in a higher (lower) fair value. The rental growth rate (per annum) ranges from 0.00% to 3.20%, however the one- to two-year short-term rent curve is either below or above this range for select properties. • Long-term vacancy rate: The long-term vacancy rate is typically estimated based on expected market behaviour, which is influenced by the type of property and geographic region of the property. An increase (decrease) in the long-term vacancy rate would result in a lower (higher) fair value. The long-term vacancy rate ranges from 0.00% to 25.00%. • Discount rate: The discount rate is derived from market activity across various property types and geographic regions and is a reflection of the expected rate of return to be realized on the investment over the next 10 years. An increase (decrease) in the discount rate would result in a lower (higher) fair value. The discount rate ranges from 5.50% to 9.50%. • Terminal capitalization rate: The terminal capitalization rate is derived from market activity across various property types and geographic regions and is a reflection of the expected rate of return to be realized on the investment over the remainder of its life after the 10-year period. An increase (decrease) in the terminal capitalization rate would result in a lower (higher) fair value. The terminal capitalization rate ranges from 4.50% to 8.75%. Changes in the estimated rental value are positively correlated with changes in the rental growth rate. Changes in the estimated rental value are negatively correlated with changes in the long-term vacancy rate, the discount rate, and the terminal capitalization rate. Our Mortgages and loans, categorized in Level 3, are included in Mortgages and loans – FVTPL and Mortgages and loans – FVOCI in the Level 3 roll forward table, and Mortgages and loans – Amortized cost in Note 5.A.i. The fair value of these mortgages and loans is determined by using the discounted cash flow methodology. The key unobservable inputs used in the valuation of mortgages and loans as at December 31, 2024 include credit spreads and liquidity adjustments. The credit spread is the difference between the instrument yield and the benchmark yield. The benchmark yield is determined by matching each asset by geography, sector, rating and maturity to a matrix comprised of spreads of publicly available corporate bonds. In some cases, a liquidity premium or discount may be applied if recent private spreads differ from public spreads. The credit spreads range from 0.99% to 3.57%. The liquidity adjustment is a premium of 2.05%. Changes in the fair value of mortgages and loans are negatively correlated with changes in credit spread and liquidity adjustments. Our Debt securities categorized in Level 3, which are included in Debt securities – FVTPL and Debt securities – FVOCI in the Level 3 roll forward table, consist primarily of corporate bonds. The fair value of these corporate bonds is generally determined using broker quotes that cannot be corroborated with observable market transactions. Significant unobservable inputs for these corporate bonds would include issuer spreads, which are comprised of credit, liquidity, and other security-specific features of the bonds. A decrease (increase) in these issuer spreads would result in a higher (lower) fair value. Due to the unobservable nature of these broker quotes, we do not assess whether applying reasonably possible alternative assumptions would have an impact on the fair value of the Level 3 corporate bonds. The majority of our debt securities categorized in Level 3 are FVTPL assets supporting insurance contract liabilities. Changes in the fair value of these assets supporting insurance contract liabilities are largely offset by changes in the corresponding insurance contract liabilities. As a result, though using reasonably possible alternative assumptions may have an impact on the fair value of the Level 3 debt securities, it would not have a significant impact on our Consolidated Financial Statements. The Other financial invested assets categorized in Level 3, which are included in Other financial invested assets – FVTPL and Other financial invested assets – FVOCI in the Level 3 roll forward table, consists primarily of limited partnership investments. The fair value of our limited partnership investments is based on NAV provided by management of the limited partnership investments. Based on the unobservable nature of these NAVs, we do not assess whether applying reasonably possible alternative assumptions would have an impact on the fair value of the Level 3 limited partnership investments. Valuation Process for Level 3 Assets Our assets categorized in Level 3 of the fair value hierarchy are primarily Investment properties, Debt securities (including asset-backed securities), Mortgages and loans and limited partnership investments included in Other financial invested assets. Our valuation processes for these assets are as follows: The fair value of investment properties are based on the results of appraisals performed quarterly and reviewed for material changes. The valuation methodology used to determine the fair value is in accordance with the standards of the Appraisal Institute of Canada, the U.S., and the UK. Investment properties are appraised externally at least once every three years. Investment properties not appraised externally in a given year are reviewed by qualified appraisers. A management committee, including investment professionals, reviews the fair va

Financial Instrument Risk Manag

Financial Instrument Risk Management	12 Months Ended
	Dec. 31, 2024
Financial Instruments [Abstract]
Financial Instrument Risk Management	6. Financial Instrument Risk Management The significant risks related to financial instruments are credit risk, market risk (including equity risk, real estate risk, interest rate and spread risk, foreign currency risk, and inflation risk) and liquidity risk. We use derivative instruments to manage market risks related to equity market, interest rate and currency fluctuations and in replication strategies for permissible investments. We do not engage in speculative investment in derivatives. The gap in market sensitivities or exposures between liabilities and supporting assets is monitored and managed within defined tolerance limits, by using derivative instruments, where appropriate. We use models and techniques to measure the effectiveness of our risk management strategies. 6.A Credit Risk Risk Description Credit risk is the possibility of loss from amounts owed by our borrowers or financial counterparties. We are subject to credit risk in connection with issuers of securities held in our investment portfolio, debtors, structured securities, reinsurers, counterparties (including derivative, repurchase agreement and securities lending counterparties), other financial institutions and other entities. Losses may occur when a counterparty fails to make timely payments pursuant to the terms of the underlying contractual arrangement or when the counterparty's credit rating or risk profile otherwise deteriorates. Credit risk can also arise in connection with deterioration in the value of, or ability to realize, any underlying security that may be used as collateral for the debt obligation. Credit risk can occur as a result of broad economic conditions, challenges within specific sectors of the economy, from issues affecting individual companies or loss given default expectations. Events that result in defaults, impairments or downgrades of the securities in our investment portfolio would cause the Company to record realized or unrealized losses and may cause an increase in our provisions for asset default, adversely impacting earnings. Credit Risk Management Governance and Control We rate fixed income investments primarily through the use of internally developed scorecards and rating methodologies, which combine an estimated probability of default and loss given default to determine an expected loss and credit risk rating. This rating is expressed using a 22-point scale that is generally consistent with those used by external rating agencies, and is based on detailed examination of the borrower's, or issuer's, credit quality and the characteristics of the specific instrument. The probability of default assessment is based on borrower-level or issuer-level analysis, which encompasses an assessment of industry risk, business strategy, competitiveness, strength of management and other financial information. The loss given default assessment is based on instrument-level analysis, which considers the impact of guarantees, covenants, liquidity and other structural features. These scorecards provide input to stochastic value-at-risk models and are used to stress test the portfolio, which provide insight into the distribution and characteristics of credit risk within our portfolios. In accordance with our policies and under normal circumstances, our ratings cannot be higher than the highest rating provided by certain Nationally Recognized Statistical Rating Organizations ("NRSROs"). Certain assets, including those in our sovereign debt, are assigned a rating based on ratings provided by NRSROs using a priority sequence order of Standard & Poor's, Moody's, Fitch and DBRS Limited. We employ a wide range of credit risk management practices and controls, as outlined below: • Credit risk governance practices are in place, including independent monitoring and review and reporting to senior management and the Risk Committee. • Risk appetite limits have been established for credit risk. • Income and regulatory capital sensitivities are monitored, managed and reported against pre-established risk limits. • Comprehensive Investment and Credit Risk Management Policy, guidelines and practices are in place. • Specific investment diversification requirements are in place, such as defined investment limits for asset class, geography, and industry. • Risk-based credit portfolio, counterparty, and sector exposure limits have been established. • Mandatory use of credit quality ratings for portfolio investments has been established and is reviewed regularly. These internal rating decisions for new fixed income investments and ongoing review of existing rating decisions are independently adjudicated by Corporate Risk Management. • Develop and maintain hedging programs that may employ the use of derivatives. Market conditions determine the availability and cost of the derivative protection. • Comprehensive due diligence processes and ongoing credit analyses are conducted. • Regulatory solvency requirements include risk-based capital requirements and are monitored regularly. • Comprehensive compliance monitoring practices and procedures including reporting against pre-established investment limits are in place. • Purchase reinsurance for certain risks underwritten by our various insurance businesses. Reinsurance does not relieve us from our direct liability to policyholders and accordingly, we bear credit risk with respect to our reinsurers. Reinsurance exposures are monitored to ensure that no single reinsurer represents an undue level of credit risk. • Stress-testing techniques, such as Financial Condition Testing ("FCT"), are used to measure the effects of large and sustained adverse credit developments. • Insurance contract liabilities are established in accordance with IFRS. • Internal capital targets are established at an enterprise level to cover all risks and are above minimum regulatory and supervisory levels. Actual capital levels are monitored to ensure they exceed internal targets. 6.A.i Maximum Exposure to Credit Risk Our maximum credit exposure related to financial instruments as at December 31 is the balance as presented in our Consolidated Statements of Financial Position as we believe that these carrying amounts best represent the maximum exposure to credit risk. The credit exposure for debt securities may be increased to the extent that the amounts recovered from default are insufficient to satisfy the actuarial liability cash flows that the assets are intended to support. The positive fair value of derivative assets is used to determine the credit risk exposure if the counterparties were to default. The credit risk exposure is the cost of replacing, at current market rates, all derivative contracts with a positive fair value. Additionally, we have credit exposure to items not on the Consolidated Statements of Financial Position as follows: As at December 31, 2024 2023 Off-balance sheet item: Loan commitments (1) $ 2,500 $ 2,061 (1) Loan commitments include commitments to extend credit under commercial and multi-family residential mortgages and private debt securities not quoted in an active market. Commitments on debt securities contain provisions that allow for withdrawal of the commitment if there is deterioration in the credit quality of the borrower. 6.A.ii Right of Offset and Collateral We invest in financial assets which may be secured by real estate properties, pools of financial assets, third-party financial guarantees, credit insurance, and other arrangements. For OTC derivatives, collateral is collected from and pledged to counterparties to manage credit exposure according to the Credit Support Annex ("CSA"), which forms part of the International Swaps and Derivatives Association's ("ISDA") master agreements. It is common practice to execute a CSA in conjunction with an ISDA master agreement. Under the ISDA master agreements for OTC derivatives, we have a right of offset in the event of default, insolvency, bankruptcy, or other early termination. In the ordinary course of business, bilateral OTC exposures under these agreements are substantially mitigated through associated collateral agreements with a majority of our counterparties. For exchange-traded derivatives subject to derivative clearing agreements with the exchanges and clearinghouses, there is no provision for set-off at default. Initial margin is excluded from the table below as it would become part of a pooled settlement process. For repurchase agreements and reverse repurchase agreements, assets are sold or purchased with a commitment to resell or repurchase at a future date. Additional collateral may be pledged to or collected from counterparties to manage credit exposure according to bilateral repurchase or reverse repurchase agreements. In the event of default by a counterparty, we are entitled to liquidate the assets we hold as collateral to offset against obligations to the same counterparty. In the case of securities lending or borrowing, assets are lent or borrowed with a commitment from or to the counterparty to return at a future date. For securities lending, cash or securities are received as collateral from the counterparty; for securities borrowing, debt securities are pledged as collateral to the counterparty. In the event of default by the counterparty, we are entitled to liquidate the assets we hold as collateral to offset against obligations to the same counterparty. We do not offset financial instruments in our Consolidated Statements of Financial Position, as our rights of offset are conditional. The following tables present the effect of conditional netting and similar arrangements. Similar arrangements include global master repurchase agreements, security lending agreements, and any related rights to financial collateral. As at December 31, 2024 2023 Financial instruments presented in the Consolidated Statements of Financial Position (1) Related amounts not set off in the Consolidated Statements of Financial Position Financial instruments presented in the Consolidated Statements of Financial Position (1) Related amounts not set off in the Consolidated Statements of Financial Position Financial instruments subject to master netting or similar agreements Financial collateral (received) pledged (2) Net amount Financial instruments subject to master netting or similar agreements Financial collateral (received) pledged (2) Net amount Financial assets: Derivative assets (Note 6.A.v) $ 1,971 $ (1,043) $ (787) $ 141 $ 2,183 $ (738) $ (1,316) $ 129 Reverse repurchase agreements (Note 8) 33 (33) — — 28 (28) — — Total financial assets $ 2,004 $ (1,076) $ (787) $ 141 $ 2,211 $ (766) $ (1,316) $ 129 Financial liabilities: Derivative liabilities (Note 6.A.v) $ (2,077) $ 1,043 $ 936 $ (98) $ (1,311) $ 738 $ 489 $ (84) Repurchase agreements (Note 5.F.ii) (2,840) 33 2,807 — (2,705) 28 2,677 — Cash collateral on securities lent (Note 5.F.iii) (194) — 184 (10) (187) — 176 (11) Obligations for securities borrowing (239) — 239 — (223) — 223 — Total financial liabilities $ (5,350) $ 1,076 $ 4,166 $ (108) $ (4,426) $ 766 $ 3,565 $ (95) (1) Net amounts of the financial instruments presented in our Consolidated Statements of Financial Position are the same as our gross recognized financial instruments, as we do not offset financial instruments in our Consolidated Statements of Financial Position. (2) Financial collateral presented in the table above excludes overcollateralization and, for exchange-traded derivatives, initial margin. Total financial collateral at fair value, including initial margin and overcollateralization, received on derivative assets was $895 (December 31, 2023 — $1,443), received on reverse repurchase agreements was $33 (December 31, 2023 — $28), pledged on derivative liabilities was $2,126 (December 31, 2023 — $1,472), and pledged on repurchase agreements was $2,840 (December 31, 2023 — $2,705). 6.A.iii Concentration Risk Concentrations of credit risk arise from exposures to a single debtor, a group of related debtors, or groups of debtors that have similar credit risk characteristics, such as groups of debtors in the same economic or geographic regions or in similar industries. Related issuers may have similar economic characteristics so that their ability to meet contractual obligations may be impacted similarly by changes in the economic or political conditions. We manage this risk by appropriately diversifying our investment portfolio through the use of concentration limits. In particular, we maintain policies which set counterparty exposure limits to manage the credit exposure for investments in any single issuer or to the same underlying credit. Exceptions exist for investments in securities which are issued or guaranteed by the Government of Canada, U.S. or UK and issuers for which the Risk Committee have granted specific approval. Mortgages are collateralized by the related property, and generally do not exceed 75% of the value of the property at the time the original loan is made. Our mortgages and loans are diversified by type and location and, for mortgages, by borrower. Loans provide diversification benefits (name, industry and geography) and often provide stronger covenants and collateral than public debt securities, thereby providing both better credit protection and potentially higher recoveries in the event of default. The following tables provide details of the debt securities, mortgages and loans held by issuer country, geographic location and industry sector, where applicable. The carrying value of debt securities by geographic location is shown in the following table. The geographic location is based on the country of the creditor's parent. As at December 31, 2024 2023 FVTPL FVOCI Total debt securities FVTPL FVOCI Total debt securities Canada $ 34,472 $ 3,614 $ 38,086 $ 30,180 $ 4,339 $ 34,519 United States 20,986 6,486 27,472 20,111 6,266 26,377 United Kingdom 1,320 561 1,881 1,224 517 1,741 Other 11,328 3,188 14,516 9,665 3,191 12,856 Total debt securities $ 68,106 $ 13,849 $ 81,955 $ 61,180 $ 14,313 $ 75,493 The carrying value of debt securities by issuer and industry sector is shown in the following table: As at December 31, 2024 2023 FVTPL FVOCI Total debt FVTPL FVOCI Total debt Debt securities issued or guaranteed by: Canadian federal government $ 6,803 $ 734 $ 7,537 $ 5,161 $ 849 $ 6,010 Canadian provincial and municipal government 15,302 353 15,655 13,694 557 14,251 U.S. government and agency 626 509 1,135 712 658 1,370 Other foreign government 3,796 413 4,209 3,329 473 3,802 Total government issued or guaranteed debt securities 26,527 2,009 28,536 22,896 2,537 25,433 Corporate debt securities by industry sector: Financials 8,659 2,893 11,552 8,171 2,889 11,060 Utilities 6,859 763 7,622 6,244 815 7,059 Industrials 4,424 951 5,375 4,510 979 5,489 Energy 3,258 446 3,704 2,793 479 3,272 Communication services 2,647 373 3,020 2,727 422 3,149 Real estate 1,882 423 2,305 1,987 538 2,525 Health care 1,644 363 2,007 1,625 413 2,038 Consumer staples 1,301 256 1,557 1,490 315 1,805 Consumer discretionary 1,011 747 1,758 950 776 1,726 Information technology 890 202 1,092 730 174 904 Materials 819 202 1,021 922 180 1,102 Total corporate debt securities 33,394 7,619 41,013 32,149 7,980 40,129 Asset-backed securities 8,185 4,221 12,406 6,135 3,796 9,931 Total debt securities $ 68,106 $ 13,849 $ 81,955 $ 61,180 $ 14,313 $ 75,493 The carrying value of mortgages and loans by geographic location and type is shown in the following tables. The geographic location for mortgages is based on location of property, while for corporate loans it is based on the country of the creditor's parent. As at December 31, 2024 Canada United States United Kingdom Other Total Mortgages: Retail $ 1,398 $ 1,169 $ — $ — $ 2,567 Office 1,385 1,248 — — 2,633 Multi-family residential 3,451 1,048 — — 4,499 Industrial 2,369 1,314 — — 3,683 Other 799 49 208 — 1,056 Total mortgages (1) $ 9,402 $ 4,828 $ 208 $ — $ 14,438 Loans $ 12,560 $ 18,856 $ 4,478 $ 7,287 $ 43,181 Total mortgages and loans $ 21,962 $ 23,684 $ 4,686 $ 7,287 $ 57,619 (1) $3,630 of mortgages in Canada are insured by the CMHC. As at December 31, 2023 Canada United States United Kingdom Other Total Mortgages: Retail $ 1,376 $ 1,182 $ — $ — $ 2,558 Office 1,500 1,254 — — 2,754 Multi-family residential 3,838 1,001 — — 4,839 Industrial 1,839 1,115 — — 2,954 Other 824 57 159 — 1,040 Total mortgages (1) $ 9,377 $ 4,609 $ 159 $ — $ 14,145 Loans $ 12,924 $ 17,086 $ 4,089 $ 6,356 $ 40,455 Total mortgages and loans $ 22,301 $ 21,695 $ 4,248 $ 6,356 $ 54,600 (1) $4,023 of mortgages in Canada are insured by the CMHC. 6.A.iv Contractual Maturities The contractual maturities of debt securities are shown in the following table. Actual maturities could differ from contractual maturities because of the borrower's right to call or extend or right to prepay obligations, with or without prepayment penalties. As at December 31, 2024 2023 FVTPL FVOCI Total debt securities FVTPL FVOCI Total debt securities Due in 1 year or less $ 1,932 $ 2,385 $ 4,317 $ 1,697 $ 3,079 $ 4,776 Due in years 2-5 9,733 6,496 16,229 8,763 6,272 15,035 Due in years 6-10 10,662 1,922 12,584 9,513 2,199 11,712 Due after 10 years 45,779 3,046 48,825 41,207 2,763 43,970 Total debt securities $ 68,106 $ 13,849 $ 81,955 $ 61,180 $ 14,313 $ 75,493 The carrying value of mortgages by scheduled maturity, before the allowance for ECL, is as follows: As at December 31, 2024 2023 FVTPL FVOCI Amortized cost Total FVTPL FVOCI Amortized cost Total Due in 1 year or less $ 1,344 $ 66 $ 283 $ 1,693 $ 852 $ 58 $ 171 $ 1,081 Due in years 2-5 5,745 340 929 7,014 5,605 222 1,129 6,956 Due in years 6-10 3,814 8 343 4,165 3,510 8 495 4,013 Due after 10 years 1,563 3 — 1,566 2,093 3 — 2,096 Total mortgages $ 12,466 $ 417 $ 1,555 $ 14,438 $ 12,060 $ 291 $ 1,795 $ 14,146 The carrying value of loans by scheduled maturity, before the allowance for ECL, is as follows: As at December 31, 2024 2023 FVTPL FVOCI Amortized cost Total FVTPL FVOCI Amortized cost Total Due in 1 year or less $ 2,262 $ 324 $ 100 $ 2,686 $ 2,285 $ 257 $ 126 $ 2,668 Due in years 2-5 7,863 1,240 199 9,302 6,768 966 163 7,897 Due in years 6-10 10,354 494 21 10,869 9,177 401 27 9,605 Due after 10 years 20,288 50 — 20,338 20,262 33 — 20,295 Total loans $ 40,767 $ 2,108 $ 320 $ 43,195 $ 38,492 $ 1,657 $ 316 $ 40,465 Notional amounts of derivative financial instruments are the basis for calculating payments and are generally not the actual amounts exchanged. The following table provides the notional amounts of derivative instruments outstanding by type of derivative and term to maturity: Terms to maturity As at Notional Amount Under 1 Year 1 to 5 Years Over 5 Years Total December 31, 2024 Derivative designated as hedging instrument: Foreign exchange contracts / Currency risk (1) $ 888 $ — $ 14 $ 902 Equity price risk (2) 60 128 — 188 Total designated as hedging instrument 948 128 14 1,090 Derivative investments (3) 28,359 13,251 32,254 73,864 Total derivatives $ 29,307 $ 13,379 $ 32,268 $ 74,954 December 31, 2023 Derivative designated as hedging instrument: Foreign exchange contracts / Currency risk (1) $ 828 $ 40 $ — $ 868 Equity price risk (2) 54 114 — 168 Total designated as hedging instrument 882 154 — 1,036 Derivative investments (3) 27,534 11,125 30,726 69,385 Total derivatives $ 28,416 $ 11,279 $ 30,726 $ 70,421 (1) The average fixed rate is 4% (December 31, 2023 — 4% ). The average CAD-USD exchange rate is $1.42 (December 31, 2023 — $1.56). (2) The average price is $69 (December 31, 2023 — $66). (3) Derivatives investments are derivatives that have not been designated as hedges for accounting purposes. The following table provides the fair value of derivative instruments outstanding by term to maturity: As at December 31, 2024 2023 Term to maturity Term to maturity Under 1 to 5 Over 5 Total Under 1 to 5 Over 5 Total Derivative assets $ 227 $ 271 $ 1,473 $ 1,971 $ 337 $ 266 $ 1,580 $ 2,183 Derivative liabilities $ (536) $ (278) $ (1,263) $ (2,077) $ (115) $ (137) $ (1,059) $ (1,311) 6.A.v Asset Quality The following sections describe our assessment of the credit quality of our financial assets. We monitor credit quality based on internal ratings as well as ratings assigned by external rating agencies where available. Derivative Financial Instruments by Counterparty Credit Rating Derivative instruments consist of bilateral OTC contracts negotiated directly between counterparties, OTC contracts cleared through central clearing houses or exchange-traded contracts. Since a counterparty failure in an OTC derivative transaction could render it ineffective for hedging purposes, we generally transact our derivative contracts with highly-rated counterparties. In limited circumstances, we enter into transactions with lower-rated counterparties if credit enhancement features are included. We pledge and hold assets as collateral under CSAs for bilateral OTC derivative contracts. The collateral is realized in the event of early termination as defined in the agreements. The assets held and pledged are primarily cash and debt securities issued by the Canadian federal government and U.S. government and agencies. While we are generally permitted to sell or re-pledge the assets held as collateral, we have not sold or re-pledged any assets. Exchange-traded and cleared OTC derivatives require the posting of initial margin, as well as daily cash settlement of variation margin. The terms and conditions related to the use of the collateral are consistent with industry practice. Further details on collateral held and pledged as well as the impact of netting arrangements are included in Note 6.A.ii. The following table shows the OTC derivative financial instruments with a positive fair value split by counterparty credit rating: As at December 31, 2024 2023 Gross positive replacement cost (2) Impact of master netting agreements (3) Net replacement cost (4) Gross positive replacement cost (2) Impact of master netting agreements (3) Net replacement cost (4) Over-the-counter contracts: AA $ 494 $ (203) $ 291 $ 472 $ (136) $ 336 A 1,438 (840) 598 1,686 (603) 1,083 BBB 8 — 8 — — — Total over-the-counter derivatives (1) $ 1,940 $ (1,043) $ 897 $ 2,158 $ (739) $ 1,419 (1) Exchange-traded derivatives with a positive fair value of $31 in 2024 (2023 — $25) are excluded from the table above, as they are subject to daily margining requirements. Our credit exposure on these derivatives is with the exchanges and clearinghouses. (2) Used to determine the credit risk exposure if the counterparties were to default. The credit risk exposure is the cost of replacing, at current market rates, all contracts with a positive fair value. (3) The credit risk associated with derivative assets subject to master netting arrangements is reduced by derivative liabilities due to the same counterparty in the event of default or early termination. Our overall exposure to credit risk reduced through master netting arrangements may change substantially following the reporting date as the exposure is affected by each transaction subject to the arrangement. (4) Net replacement cost is positive replacement cost less the impact of master netting agreements. Credit Default Swaps by Underlying Financial Instrument Credit Rating Credit default swaps ("CDS") are OTC contracts that transfer credit risk related to an underlying referenced financial instrument from one counterparty to another. The purchaser receives protection against the decline in the value of the referenced financial instrument as a result of specified credit events such as default or bankruptcy. The seller receives a periodic premium in return for payment contingent on a credit event affecting the referenced financial instrument. CDS index contracts are those where the underlying referenced financial instruments are a group of assets. The Company enters into credit derivatives to replicate credit exposure of an underlying reference security and enhance investment returns. The credit risk ratings of the underlying reference securities for single name contracts were established in accordance with the internal rating process described in the Credit Risk Management Governance and Control section. The following table provides a summary of the credit default swap protection sold by credit rating of the underlying reference security: As at December 31, 2024 2023 Notional amount Fair value Notional amount Fair value Single name credit default swap contracts: A $ 552 $ 7 $ 491 $ 5 BBB 499 13 540 15 Total single name credit default swap contracts 1,051 20 1,031 20 Credit default swap index contracts 432 (10) — — Total credit default swap contracts sold $ 1,483 $ 10 $ 1,031 $ 20 Reinsurance Contract Held Assets by Credit Rating The table below presents the distribution of reinsurance contract held assets by credit rating: As at December 31, 2024 2023 Gross exposure Collateral Net exposure Gross exposure Collateral Net exposure % % AA or A $ 3,670 $ 4 $ 3,666 95 $ 3,550 $ 7 $ 3,543 97 Below 'A' 2,531 2,416 115 3 2,217 2,135 82 2 Not rated 117 51 66 2 27 5 22 1 Total reinsurance contract held assets $ 6,318 $ 2,471 $ 3,847 100 $ 5,794 $ 2,147 $ 3,647 100 6.A.vi Impairment of Financial Assets Significant increase in credit risk The assessment of significant increase in credit risk requires judgment. We assign counterparties a relevant internal credit risk rating grade depending on their credit quality. Changes in borrower-specific internal risk ratings is a primary indicator of significant increase in credit risk. At each reporting date, movements between Stage 1 and Stage 2 are determined based on whether an instrument’s internal rating as at the reporting date has increased (decreased) significantly relative to the date it was initially recognized. We assess whether there has been a significant increase in credit risk for exposures since initial recognition by comparing the risk of default occurring over the remaining expected life from the reporting date and the date of initial recognition. The assessment considers borrower-specific quantitative and qualitative information without consideration of collateral, and the impact of forward-looking macroeconomic factors. Unless identified at an earlier stage, the credit risk of financial assets is deemed to have increased significantly when more than 30 days past due or moved to Watch List status and such assets are automatically migrated to Stage 2. Exposures are classified as "Watch List" when there is a moderate deterioration in credit quality, but the full payment of principal and interest is still expected to be collected, or there is an increased possibility of the exposure being impaired in the near term. No impairment charge is recorded for unrealized losses on assets related to these debtors. Incorporation of forward-looking information The measurement of ECL for each stage and the assessment of significant increase in credit risk considers future events and economic conditions. The probability of default ("PD"), loss given default ("LGD") and exposure at default ("EAD") inputs used to estimate allowance for ECL are modelled based on the macroeconomic variables (or changes in macroeconomic variables) that are most closely correlated with credit losses in the relevant portfolio. Our estimation of ECL is a discounted probability-weighted estimate that considers a minimum of three future macroeconomic scenarios (base case, upside and downside) and probability weights are attributed to each scenario. All scenarios considered are applied to all portfolios subject to ECL with the same probabilities. Our assessment of significant increase in credit risk is based on changes in internal rating as at the reporting date. We subscribe to Moody's Analytics economic forecasting services and leverage its forward-looking macroeconomic information to model ECL. The table below includes the key macroeconomic variables, primarily but not limited to what is provided below, and the ranges of scenarios incorporated in the model within the U.S. and Canada: For the three months ended December 31, 2024 Average value over the next 12 months Average value over the remaining forecast period Base case Upside case Downside case Base case Upside case Downside case U.S. Gross Domestic Product $ 29,633 (1) 4.2 % 5.8 % (0.4) % 4.3 % 4.6 % 3.8 % Unemployment Rate 4.2 % 4.1 % 3.3 % 7.3 % 4.0 % 3.3 % 7.2 % BBB Bonds Spreads 1.2 % 1.9 % 1.6 % 2.6 % 2.0 % 2.0 % 2.1 % Canada Gross Domestic Product $ 2,396 (1) 1.9 % 3.3 % (1.9) % 2.0 % 2.6 % 1.9 % Unemployment Rate 6.7 % 6.8 % 6.5 % 8.1 % 6.5 % 6.0 % 9.3 % Oil Price $ 76.10 $ 74.60 $ 79.20 $ 58.90 $ 72.10 $ 74.60 $ 62.60 For the three months ended December 31, 2023 Average value over Average value over Base case Upside case Downside case Base case Upside case Downside case U.S. Gross Domestic Product $ 22,538 (1) 1.3 % 3.5 % (2.4) % 2.2 % 2.4 % 2.5 % Unemployment Rate 3.8 % 4.0 % 3.1 % 6.7 % 4.0 % 3.3 % 6.7 % BBB Bonds Spreads 1.9 % 2.2 % 1.9 % 3.1 % 2.1 % 2.1 % 2.1 % Canada Gross Domestic Product $ 2,201 (1) 1.6 % 3.6 % (2.1) % 1.9 % 2.3 % 1.6 % Unemployment Rate 5.8 % 6.0 % 5.2 % 8.2 % 5.9 % 4.8 % 8.6 % Oil Price $ 85.60 $ 82.10 $ 84.70 $ 65.60 $ 71.40 $ 71.80 $ 61.00 (1) Presented in billions. Measurement of ECL ECL is measured as the probability-weighted present value of expected cash shortfalls expected to result from defaults over the relevant time horizon, which is the maximum contractual period over which we are exposed to credit risk, including consideration of prepayments, and extensions. The mechanics of the ECL calculations are outlined below and the key elements are as follows: PD, LGD, and EAD. The PD is an estimate of the likelihood of default over a given time horizon. It is estimated as at a point in time based on historical losses, along with consideration of economic scenarios and forward-looking information. LGD is the magnitude of the likely loss if there is a default at a given time. It is based on the difference in the present values of the contractual cash flows due and those that the lender would expect to receive, including from the realization of any collateral (net of directly attributable costs). EAD represents the expected exposure in the event of a default. We derive the EAD from the current exposure to the counterparty and potential changes to the current amount allowed under the contract, including amortization, and prepayments. An ECL estimate is produced for each individual exposure. Relevant parameters are modelled on a collective basis using portfolio segmentation that allows for appropriate incorporation of forward-looking information. To reflect other characteristics that are not already considered through modelling, expert credit judgment can be exercised in determining the final ECL. Qualitative adjustments or overlays The inputs and models used for calculating ECL may not always capture all characteristics of the market at the date of the financial statements. This could be a case where a major event occurs close to the reporting date, so that the potential effects are not appropriately captured in the models and inputs. To reflect this, qualitative adjustments or overlays are occasionally made as temporary adjustments when such differences are material. The following table shows reconciliations from the opening balance to the closing balance of the allowance for ECL by class of financial instrument: For the years ended December 31, 2024 December 31, 2023 Performing Impaired Total Performing Impaired Total Stage 1 Stage 2 Stage 3 Stage 1 Stage 2 Stage 3 Debt securities: Balance, beginning of year $ 30 $ 2 $ — $ 32 $ 30 $ 2 $ — $ 32 Provision for credit losses: New originations or purchases 9 — — 9 9 — — 9 Derecognition or maturities (10) (1) — (11) (6) — — (6) Net remeasurement (1) (4) — — (4) (3) — — (3) Balance, end of year $ 25 $ 1 $ — $ 26 $ 30 $ 2 $ — $ 32 Mortgages and loans: Balance, beginning of year $ 8 $ — $ 49 $ 57 $ 4 $ — $ 39 $ 43 Provision for credit losses: New originations or purchases 4 1 — 5 5 — — 5 Derecognition or maturities (1) — — (1) — — — — Net remeasurement (1) (5) — 11 6 (1) — 10 9 Write-offs, net of recoveries, and other adjustments — — (5) (5) — — — — Balance, end of year $ 6 $ 1 $ 55 $ 62 $ 8 $ — $ 49 $ 57 (1) Includes changes in the measurement resulting from the significant changes in credit risk and from changes in credit risk that did not result in a transfer between stages, changes in model inputs and assumptions and changes in forward looking macroeconomic conditions. Credit risk exposure by internal rating The following table presents the gross carrying amount of mortgages and loans

Insurance Risk Management

Insurance Risk Management	12 Months Ended
	Dec. 31, 2024
Insurance Contracts [Abstract]
Insurance Risk Management	7. Insurance Risk Management 7.A Insurance Risk Risk Description Insurance risk is the uncertainty of product performance due to actual experience emerging differently than expected in the areas of mortality, morbidity and longevity. In addition, policyholder behaviour, product design and pricing, expense and reinsurance risks impact multiple risk categories, including insurance risk. Insurance Risk Management Governance and Control We employ a wide range of insurance risk management practices and controls, as outlined below: • Insurance risk governance practices are in place, including independent monitoring and review and reporting to senior management and the Risk Committee. • Income and regulatory capital sensitivities are monitored, managed and reported against pre-established risk appetite limits for policyholder behaviour, mortality, morbidity and longevity risks. • Comprehensive Insurance Risk Policy, guidelines and practices are in place. • The global underwriting manual aligns underwriting practices with our corporate risk management standards and ensures a consistent approach in insurance underwriting. • Board-approved maximum retention limits are in place. Amounts issued in excess of these limits are reinsured. • Detailed procedures, including criteria for approval of risks and for claims adjudication are established and monitored for each business segment. • Underwriting and risk selection standards and procedures are established and overseen by the corporate underwriting and claims risk management function. • Diversification and risk pooling is managed by aggregation of exposures across product lines, geography and distribution channels. • Reinsurance is used to limit losses, minimize exposure to significant risks and to provide additional capacity for growth. • The Insurance Risk Policy and Investment & Credit Risk Policy establish acceptance criteria and protocols to monitor the level of reinsurance ceded to any single reinsurer or group of reinsurers. • Reinsurance counterparty risk is monitored, including annual reporting of reinsurance exposure to the Risk Committee. • Various limits, restrictions and fee structures are introduced into plan designs in order to establish a more homogeneous policy risk profile and limit potential for anti-selection. • Regulatory solvency requirements include risk-based capital requirements and are monitored regularly. • The Product Design and Pricing Policy requires detailed risk assessment and pricing provision for material risks. • Company specific and industry level experience studies and drivers of earnings analysis are monitored and factored into valuation, renewal and new business pricing processes. • Stress-testing techniques, such as FCT, are used to measure the effects of large and sustained adverse movements in insurance risk factors. • Insurance contract liabilities are established in accordance with IFRS. • Internal capital targets are established at an enterprise level to cover all risks and are above minimum regulatory and supervisory levels. The concentration for insurance risks is monitored geographically and its adverse effect is mitigated through a diversified product portfolio, product design, underwriting standards and practices, utilizing reinsurance as well as the Company's global operation. Specific to the reinsurance risk, the concentration is measured by aggregating the exposure to each reinsurance counterparty across all Business Groups to ensure it does not exceed a predefined risk level. Specific insurance risks and our risk management strategies are discussed below in further detail. 7.A.i Policyholder Behaviour Risk Risk Description Many of our products include some form of embedded policyholder option. We can incur losses due to adverse policyholder behaviour relative to the assumptions used in the pricing and valuation of products regarding lapse of policies or exercise of other embedded policy options. Uncertainty in policyholder behaviour can arise from several sources including: • Unexpected events in the policyholder's life circumstances; • The general level of economic activity (whether higher or lower than expected); • Changes in the financial and capital markets; • Changes in pricing and availability of current products; • The introduction of new products, changes in underwriting technology and standards; • Changes in our financial strength or reputation. Uncertainty in future cash flows affected by policyholder behaviour can be further exacerbated by unexpected behaviour during times of economic turbulence or at key option exercise points in the life of an insurance contract. Policyholder Behaviour Risk Management Governance and Control Various types of provisions are built into many of our products to reduce the impact of uncertain policyholder behaviour. These provisions include: • Surrender charges that adjust the payout to the policyholder by taking into account prevailing market conditions. • Limits on the amount that policyholders can surrender or borrow. • Restrictions on the timing of policyholders' ability to exercise certain options. • Restrictions on both the types of funds policyholders can select and the frequency with which they can change funds. Policyholder behaviour risk is also mitigated through reinsurance on some insurance contracts. Internal experience studies are used to monitor, review and update policyholder behaviour assumptions as needed, which could result in updates to policy liabilities. 7.A.ii Mortality and Morbidity Risk Mortality and morbidity risk is the risk that future experience could be unfavourable relative to the assumptions used in the pricing and valuation of products. Mortality and morbidity risk could adversely affect many of our products which introduces the potential for adverse financial results. These risks can arise in the normal course of business through random fluctuation in realized experience, through catastrophes, as a result of a pandemic, or in association with other risk factors such as product development and pricing risk. Adverse mortality and morbidity experience could also occur through systemic anti-selection, which could arise due to poor plan design, or underwriting process failure or the development of investor-owned and secondary markets for life insurance policies. Adverse morbidity experience could also occur through external events such as increases in disability claims during economic slowdowns, increases in high medical treatment costs and growth in utilization of specialty drugs. Mortality and morbidity concentration risk is the risk of a catastrophic event that could occur in geographic locations where there is significant insurance coverage, such as natural environmental disasters (for example, earthquakes), human-made disasters (for example, acts of terrorism, military actions, and inadvertent introduction of toxic elements into the environment) as well as epidemics. Mortality and Morbidity Risk Management Governance and Control Concentration risk exposure is monitored on group policies in a single location. We do not have a high degree of concentration risk to single individuals or groups due to our well-diversified geographic and business mix. The largest portion of mortality risk within the Company is in North America. Individual and group insurance policies are underwritten prior to initial issue and renewals, based on risk selection, plan design, and rating techniques. Current legislation in Canada restricts insurers from requiring policyholders to take or release the results of genetic tests. If policyholders have access to the results of genetic tests and we do not, this creates asymmetry of information between policyholders and insurers, which could adversely impact mortality and morbidity experience and policyholder behaviour. This asymmetry of information may increase as genetic testing advances and becomes more accessible, giving rise to better diagnoses of conditions where treatments are expensive or non-existent. The asymmetry of information may lead to increased anti-selection in new business underwriting. There may also be an impact on policy lapse rates where adverse genetic testing results may motivate policyholders to retain their policies resulting in higher claims payouts than assumed in the pricing and valuation of products, as well as increased insurance rates which may result in loss of new and existing policyholders. Detailed uniform underwriting procedures have been established to determine the insurability of applicants and to manage exposure to large claims. These underwriting requirements are regularly scrutinized against industry guidelines and oversight is provided through a corporate underwriting and claim management function. We are committed to paying claims fairly and promptly in accordance with the terms of our policies. Our claims management process is designed to ensure thorough evaluation of claims. The Insurance Risk Policy, which is approved by the Risk Committee, sets out limits on the maximum amount of insurance risk per life that may be retained. Retention limits per life vary by geographic region and amounts in excess of the Board-approved maximum retention limits are reinsured to ensure there is no exposure to unreasonable concentration of risk. • On a single life or joint-first-to-die basis our retention limit is $40 in Canada and US$40 outside of Canada. • For survivorship life insurance, our maximum global retention limit is $50 in Canada and US$50 outside of Canada. • In certain markets and jurisdictions, retention levels below the maximum are applied. Reinsurance is utilized for numerous products in most business segments, and placement is done on an automatic basis for defined insurance portfolios and on a facultative basis for individual risks with certain characteristics. 7.A.iii Longevity Risk Risk Description Longevity risk is the potential for losses arising from adverse changes in mortality improvement rates relative to the assumptions used in the pricing and valuation of products. This risk can manifest itself slowly over time as socioeconomic conditions improve and medical advances continue. It could also manifest itself more quickly, for example, due to medical breakthroughs that significantly extend life expectancy. Longevity risk affects contracts where benefits or costs are based upon the likelihood of survival and higher than expected improvements in insured life expectancy could therefore increase the ultimate cost of these benefits (for example, annuities, pensions, pure endowments, some segregated funds, and specific types of health contracts), thereby requiring strengthening of policyholder liabilities and resulting in reductions in net income and capital. Longevity Risk Management Governance and Control To improve management of longevity risk, we monitor research in the fields that could result in a change in expected mortality improvement. Stress-testing techniques are used to measure and monitor the impact of extreme mortality improvement on the aggregate portfolio of protection and wealth products. 7.A.iv Product Design and Pricing Risk Risk Description Product design and pricing risk is the risk a product does not perform as expected, causing adverse financial consequences. This risk may arise from deviations in realized experience versus assumptions used in the pricing of products. Risk factors include uncertainty concerning: • Future investment yields • Policyholder behaviour • Mortality and morbidity experience • Sales levels • Mix of business • Expenses • Taxes Although some of our products permit us to increase premiums or adjust other charges and credits during the life of the policy or contract, the terms of these policies or contracts may not allow for sufficient adjustments to maintain expected profitability. This could have an adverse effect on our profitability and capital position. Products that offer complex features, options or guarantees require increasingly complex pricing models, methods or assumptions, leading to additional levels of uncertainty. • The risk of mis-pricing increases with the number and inherent uncertainty of assumptions needed to model a product. • Past experience data supplemented with future trend assumptions may be poor predictors of future experience. • Lack of experience data on new products or new Client segments increases the risk that future actual experience unfolds differently from expected assumptions. • External environmental factors may introduce new risk factors, which were unanticipated during product design, and have an adverse result on the financial performance of the product. • Policyholder behaviour in the future may vary from that assumed at the time the product is designed, thereby adversely affecting the product's financial performance. Product Design and Pricing Governance and Control Our Product Design and Pricing Policy, approved by the Risk Committee, establishes the framework governing our product design and pricing practices and is designed to align our product offerings with our strategic objectives and risk-taking philosophy. Consistent with this policy, product development, design and pricing processes have been implemented throughout the Company. New products follow a stage-gate process with defined management approvals based on the significance of the initiative. Each initiative is subject to a risk assessment process to identify key risks and risk mitigation requirements and is reviewed by multiple stakeholders. Additional governance and control procedures are listed below: • Pricing models, methods, and assumptions are subject to periodic internal peer reviews. • Experience studies, drivers of earnings analysis, and product dashboards are used to monitor actual experience against those assumed in pricing and valuation. • On experience rated, participating, and adjustable products, emerging experience is reflected through changes in policyholder dividend scales as well as other policy adjustment mechanisms such as premium and benefit levels. • Limits and restrictions may be introduced into the design of products to mitigate adverse policyholder behaviour or apply upper thresholds on certain benefits. 7.A.v Expense Risk Risk Description Expense risk is the risk that future expenses are higher than the assumptions used in the pricing and valuation of products. This risk can arise from: • General economic conditions; • Unexpected increases in inflation; • Slower than anticipated growth; • Changes in availability of current products; or • Reduction in productivity leading to increases in unit expenses. Expense risk occurs in products where we cannot or will not pass increased costs onto the policyholder and will manifest itself in the form of a liability increase or a reduction in expected future profits. From time to time, certain products or business segments may be closed for new sales (for example, individual protection business in the U.S.). Our ability to effectively manage the run-off of business in these products or business segments introduces additional risks, such as policyholder behaviour and expense risk, that may have an adverse effect on our operations, profitability and financial position. Expenses Risk Management Governance and Control We closely monitor expenses through an annual budgeting process and ongoing monitoring of any expense gaps between unit expenses assumed in pricing and actual expenses. 7.A.vi Reinsurance Risk Risk Description We purchase reinsurance for certain risks underwritten by our various insurance businesses. Reinsurance risk is the risk of financial loss due to adverse developments in reinsurance markets (for example, discontinuance or diminution of reinsurance capacity, or an increase in the cost of reinsurance), insolvency of a reinsurer or inadequate reinsurance coverage. While reinsurance arrangements provide for the recovery of claims arising from the liabilities ceded, we retain primary responsibility to the policyholders. Rates for our in-force reinsurance treaties can be either guaranteed or adjustable for the life of the ceded policy. Changes in reinsurance market conditions, including actions taken by reinsurers to increase rates on existing and new coverage and our ability to obtain appropriate reinsurance, may adversely impact the availability or cost of maintaining existing or securing new reinsurance capacity, with adverse impacts on our business strategies, profitability and financial position. There is a possibility of rate increases or renegotiation of some of the legacy reinsurance contracts by our reinsurers, as the global reinsurance industry continues to review and optimize their business models. In addition, changes to the regulatory treatment of reinsurance arrangements could have an adverse impact on our capital position. Reinsurance Risk Management Governance and Control We have an Insurance Risk Policy approved by the Risk Committee and an Investment & Credit Risk Policy approved by the Governance Committee, which set acceptance criteria and processes to monitor and manage the level of reinsurance ceded to any single reinsurer. These policies are regularly reviewed and approved by the relevant Board Committee to ensure the alignment with our risk appetite levels and reinsurance risk guidelines. In case of unfavourable developments in the reinsurance markets, we also have an option to discontinue or implement changes to the new sales of our products to better manage the associated risks. 7.B Sensitivity to Changes in Non-Financial Assumptions The following table sets out the estimated immediate impact on, or sensitivity of, the CSM and net income to certain instantaneous changes in the insurance and other non-financial assumptions used in the calculation of our insurance contract liabilities, based on a starting point and business mix as at December 31, 2024 and December 31, 2023. These sensitivities are calculated independently for each risk factor, generally assuming that all other risk variables stay constant. The estimates are illustrative and different starting points for best estimate assumptions, CSM balances and business mix will result in different estimated sensitivities. These sensitivities represent the Company's estimate of changes in best estimate assumptions that are reasonably likely based on the Company's and/or the industry's historical experience and industry standards and best practices as at December 31, 2024 and December 31, 2023. The impact on CSM is attributable to insurance contracts measured under the GMA and VFA. For insurance contracts measured under the GMA, the impact flows through the CSM at locked-in discount rates. For insurance contracts measured under the VFA, the impact flows through the CSM at current discount rates. The impact on net income is attributable to any portion of the sensitivities for insurance contracts measured under the GMA and VFA that cannot be absorbed by CSM, the full impact for insurance contracts measured under the PAA, and the difference in impact between locked-in and current discount rates for insurance contracts measured under the GMA. If current discount rates are higher than locked-in rates, this generally results in a favourable impact to net income from contracts measured under the GMA. As at December 31, 2024 2023 Potential impact on Potential impact on Potential impact on Potential impact on Sensitivities (1) Insurance contracts issued Net of reinsurance contracts held Insurance contracts issued Net of reinsurance contracts held Insurance contracts issued Net of reinsurance contracts held Insurance contracts issued Net of reinsurance contracts held Policyholder behaviour (10% increase / decrease, where adverse) $ (625) $ (800) $ 25 $ (25) $ (725) $ (950) $ 100 $ 100 Life mortality rates (2% increase) $ (350) $ 25 $ (50) $ (75) $ (425) $ (75) $ 25 $ (25) Annuity mortality rates (2% decrease) $ (200) $ (175) $ — $ — $ (175) $ (175) $ 25 $ — Morbidity rates (5% incidence increase and 5% termination decrease) $ (250) $ (125) $ (250) $ (225) $ (225) $ (100) $ (200) $ (175) Expenses (5% increase) $ (150) $ (150) $ (25) $ (25) $ (175) $ (175) $ — $ — (1) Net income and CSM sensitivities have been rounded in increments of $25. The sensitivities exclude the impacts on the income from our joint ventures and associates in China and India, which we account for on an equity basis.

Other Assets

Other Assets	12 Months Ended
	Dec. 31, 2024
Subclassifications of assets, liabilities and equities [abstract]
Other Assets	8. Other Assets As at December 31, 2024 2023 Accounts receivable $ 2,750 $ 2,414 Investment income due and accrued 1,163 1,124 Property and equipment 667 666 Right-of-use assets 734 785 Deferred acquisition costs (1) 157 152 Prepaid expenses 1,337 1,136 Accrued post-retirement benefit assets (Note 24) 58 50 Other 155 135 Total other assets $ 7,021 $ 6,462 (1) Amortization of deferred acquisition cost charged to income during the year amounted to $27 in 2024 ($25 in 2023).

Goodwill and Intangible Assets

Goodwill and Intangible Assets	12 Months Ended
	Dec. 31, 2024
Intangible Assets [Abstract]
Goodwill and Intangible Assets	9. Goodwill and Intangible Assets 9.A Goodwill Changes in the carrying amount of goodwill by reportable business segment are as follows: Canada U.S. Asset Asia Total Balance, January 1, 2023 $ 2,607 $ 3,364 $ 2,034 $ 700 $ 8,705 Acquisitions (Note 3) 162 104 134 — 400 Disposition (21) — — — (21) Foreign exchange rate movements — (79) (20) (16) (115) Balance, December 31, 2023 $ 2,748 $ 3,389 $ 2,148 $ 684 $ 8,969 Acquisitions (Note 3) (1) — — — (1) Foreign exchange rate movements — 290 140 58 488 Balance, December 31, 2024 $ 2,747 $ 3,679 $ 2,288 $ 742 $ 9,456 The carrying amounts of goodwill allocated to our CGUs or groups of CGUs are as follows: As at December 31, 2024 2023 Canada $ 2,747 $ 2,748 U.S. Dental 2,479 2,283 Group Benefits 1,200 1,106 Asset Management SLC Management 1,748 1,645 MFS 540 503 Asia 742 684 Total $ 9,456 $ 8,969 Goodwill Impairment Testing Goodwill acquired in business combinations is allocated to the CGUs or groups of CGUs that are expected to benefit from the synergies of the particular acquisition. Goodwill is assessed for impairment annually or more frequently if events or circumstances occur that may result in the recoverable amount of a CGU or group of CGUs falling below its carrying value. The recoverable amount is the higher of fair value less costs of disposal and value in use. We use fair value less costs of disposal as the recoverable amount. There was no impairment of goodwill in 2024 (2023 — $nil). Valuation Techniques & Significant Assumptions We use the best evidence of fair value less costs of disposal as the price obtainable for the sale of a CGU, or group of CGUs. Fair value less costs of disposal is initially assessed by looking at recently completed market comparable transactions. In the absence of such comparables, we use either an appraisal methodology (with market assumptions commonly used in the valuation of insurance companies or asset management companies) or a valuation multiples methodology. The fair value measurements are categorized in Level 3 of the fair value hierarchy (2023 — Level 3). Under the appraisal methodology, fair value is assessed based on best estimates of future income, expenses, level and cost of capital over the lifetime of the policies and, where appropriate, adjusted for items such as transaction costs. The value ascribed to new business is based on sales anticipated in our business plans, sales projections for the valuation period based on reasonable growth assumptions, and anticipated levels of profitability of that new business. In calculating the value of new business, future sales are projected for 10 to 15 years. In some instances, market multiples are used to approximate the explicit projection of new business. The discount rates applied reflect the nature of the environment for that CGU or group of CGUs. The discount rates used range from 9.50% to 10.50% after-tax (2023 — 9.50% to 12.50% after-tax). More established CGUs or groups of CGUs with a stronger brand and competitive market position use discount rates at the low end of the range and CGUs or groups of CGUs with a weaker competitive position use discount rates at the high end of the range. The capital levels used are aligned with our business objectives. Interest rate assumptions are based on prevailing market rates at the valuation date. Under the valuation multiples methodology, fair value is assessed with reference to multiples or ratios of comparable businesses. For life insurers and asset managers, these valuation multiples and ratios may include price-to-earnings or price-to-assets-under-management measures. This assessment takes into consideration a variety of relevant factors and assumptions, including expected growth, risk, and market conditions among others. The price-to-earnings multiples used range from 10.00 to 16.00 (2023 — 10.50 to 11.50). The price-to-assets-under-management ratios used range from 1.2% to 2.0% (2023 — 1.5% to 2.0%). Judgment is used in estimating the recoverable amounts of CGUs or groups of CGUs and the use of different assumptions and estimates could result in material adjustments to the valuation of CGUs or groups of CGUs and the size of any impairment. Any material change in the key assumptions including those for capital, discount rates, the value of new business, and expenses, as well as cash flow projections used in the determination of recoverable amounts, may result in impairment charges, which could be material. In considering the sensitivity of the key assumptions above, management determined that there is no reasonably possible change in any of the above that would result in the recoverable amount of any of the CGUs or groups of CGUs to be less than its carrying amount. 9.B Intangible Assets Changes in intangible assets are as follows: Finite life Internally Other Indefinite Total Gross carrying amount Balance, January 1, 2023 $ 1,761 $ 3,542 $ 1,117 $ 6,420 Additions 126 261 46 433 Acquisitions — 368 67 435 Foreign exchange rate movements (11) (73) (8) (92) Balance, December 31, 2023 $ 1,876 $ 4,098 $ 1,222 $ 7,196 Additions 303 3 — 306 Disposals (21) — (47) (68) Foreign exchange rate movements 70 236 98 404 Balance, December 31, 2024 $ 2,228 $ 4,337 $ 1,273 $ 7,838 Accumulated amortization and impairment losses Balance, January 1, 2023 $ (765) $ (906) $ (25) $ (1,696) Amortization charge for the year (113) (231) — (344) Impairment of intangible assets — — (5) (5) Foreign exchange rate movements 6 15 2 23 Balance, December 31, 2023 $ (872) $ (1,122) $ (28) $ (2,022) Amortization charge for the year (218) (259) — (477) Disposals 21 — — 21 Impairment of intangible assets (1) — (195) (6) (201) Foreign exchange rate movements (37) (60) (4) (101) Balance, December 31, 2024 $ (1,106) $ (1,636) $ (38) $ (2,780) Net carrying amount, end of year: As at December 31, 2023 $ 1,004 $ 2,976 $ 1,194 $ 5,174 As at December 31, 2024 $ 1,122 $ 2,701 $ 1,235 $ 5,058 (1) Includes an impairment charge of $186 on an intangible asset related to bancassurance in Vietnam reflecting updates resulting from changes in regulatory and macro-economic factors. The recoverable amount of $303 is based on value-in-use. The impairment is included in Operating Expenses in our Consolidated Statements of Operations. The components of the intangible assets are as follows: As at December 31, 2024 2023 Finite life intangible assets: Distribution, sales potential of field force $ 244 $ 258 Client relationships and asset administration contracts 2,457 2,718 Internally generated software 1,122 1,004 Total finite life intangible assets 3,823 3,980 Indefinite life intangible assets: Fund management contracts (1) and other 1,235 1,194 Total indefinite life intangible assets 1,235 1,194 Total intangible assets $ 5,058 $ 5,174 (1) Fund management contracts are attributable to Asset Management, where its competitive position in, and the stability of, its markets support their classification as indefinite life intangible assets. Fund management contracts are allocated to MFS and SLC Management CGUs with carrying values of $290 (2023 — $272) and $931 (2023 — $916), respectively.

Insurance Contracts

Insurance Contracts	12 Months Ended
	Dec. 31, 2024
Insurance Contracts [Abstract]
Insurance Contracts	10. Insurance Contracts 10.A Summary and Methods and Assumptions 10.A.i Summary We sell a variety of insurance contracts that include all forms of life, health and critical illness insurance sold to individuals and groups, annuities, and segregated fund products with guarantees. We hold reinsurance contracts that transfer mortality and other risks following internal guidelines. Insurance contracts with direct participation features are products where investments are managed on behalf of policyholders, and investment returns less a variable fee are passed through to policyholders with the insurance benefits they receive. Insurance contracts with direct participation features are measured using the VFA, and include segregated funds, unit-linked contracts, variable universal life contracts, and most participating insurance contracts. Reinsurance contracts (both issued and held) cannot be measured using the VFA. Insurance contracts without direct participation features are eligible to use the PAA if the coverage period is one year or less, or if the result of applying the PAA is not expected to be materially different result than applying the GMA in each reporting period over the life of the contract. Insurance contracts eligible to use the PAA include most group life and health contracts and the associated reinsurance contracts held. Other insurance contracts are measured using the GMA. This includes most individual life and health insurance contracts and annuities and the associated reinsurance contracts held. The Consolidated Statements of Financial Position present insurance contracts issued and reinsurance contracts held as both assets and liabilities, depending on whether the portfolio is in an asset or liability position. The disclosures in this Note are for the net insurance contract asset or liability, and net reinsurance contract held asset or liability. In addition, certain disclosures in this Note exclude assets and liabilities for contracts measured using the PAA, as indicated. 10.A.ii Methods and Assumptions General A group of insurance contracts is measured as the total of FCF, which is the present value of future cash flows plus the risk adjustment for non-financial risk, and, for groups measured using the GMA or VFA, the CSM. In measuring the present value of future cash flows, assumptions must be made about mortality and morbidity rates, policyholder behaviour, expenses and other factors over the life of our products, and the prevailing market view of the cost of financial risk in our products. Many of these assumptions relate to events that are anticipated to occur many years in the future. Assumptions require significant judgment and regular review and, where appropriate, revision. The RA is the compensation we require for the uncertainty related to non-financial risk in the estimates of future cash flows. This compensation is measured by discounting cash flows from applying margins to the non-financial assumptions used in the estimate of future cash flows. The CSM represents the unearned profit that will be recognized as insurance contract services are provided. The methods and assumptions used in the measurement of insurance contracts are reviewed regularly and are subject to external actuarial peer review. Present Value of Future Cash Flows Assumptions for non-financial risk variables in the present value of future cash flows are intended to be current, neutral estimates of the expected outcome as guided by both IFRS and accepted actuarial practice in Canada. The choice of assumptions takes into account current circumstances, past experience data from our own experience or from the industry, the relationship of past to expected future experience, anti-selection, the relationship among assumptions (including those for financial risk variables), and other relevant factors. Assumptions for financial risk variables in the present value of future cash flows are based on current observable market prices, adjusted to account for differences between the financial risk embedded in our products and those in the corresponding observed market instrument. Where no relevant market instrument is available, we use the best information available as guided by both IFRS and accepted actuarial practice in Canada. Mortality Mortality refers to the rates at which death occurs for defined groups of people. Mortality assumptions are generally based on the past five to ten years of experience. Our experience is combined with industry experience or experience from reinsurers where our own experience is insufficient to be statistically valid. Assumed mortality rates for life insurance and annuity contracts include assumptions about future mortality improvement based on recent trends in population mortality and our outlook for future trends. Morbidity Morbidity refers to the rate of being unhealthy or disabled and the rates of recovery therefrom. Most of our disability insurance is marketed on a group basis. We offer critical illness policies on an individual basis in Canada and Asia, long-term care on an individual basis in Canada, and medical stop-loss insurance is offered on a group basis in the U.S. In Canada, group morbidity assumptions are based on our five-year average experience, modified to reflect any emerging trend in recovery rates. For Canadian long-term care and critical illness insurance in Canada and Asia, assumptions are developed in collaboration with our reinsurers and are largely based on their experience. In the U.S., our experience is used for both medical stop-loss and disability assumptions, with some consideration of industry or reinsurer experience. Policyholder Behaviour Lapse or surrender Policyholders may allow their policies to lapse prior to the end of the contractual coverage period by choosing not to continue to pay premiums or by surrendering their policy for the cash surrender value. Assumptions for lapse or surrender experience on life insurance are generally based on our five-year average experience. Lapse or surrender rates vary by plan, age at issue, method of premium payment, policy duration and financial risk variables. Premium payment patterns For universal life contracts, it is necessary to set assumptions about premium payment patterns. Studies prepared by industry or the actuarial profession are used for products where our experience is insufficient to be statistically valid. Premium payment patterns usually vary by plan, age at issue, method of premium payment, policy duration and financial risk variables. Expense Future expenses directly attributable to the fulfillment of our insurance contracts include the costs of premium collection, claims adjudication and processing, actuarial calculations, preparation and mailing of policy statements, and related overhead. Future expense assumptions are mainly based on our recent experience using an internal expense allocation methodology. Inflationary increases assumed in future expenses are based on long-term expectations. Acquisition expenses directly attributable to portfolios of insurance contracts include the costs of selling, underwriting and issuing insurance contracts. For new insurance contracts measured using the GMA or VFA, actual or estimated directly attributable acquisition expenses are recognized in the initial measurement of the contract. If estimates are used, the difference between estimated and actual acquisition expenses adjusts the CSM when the group of insurance contracts is closed to new contracts. Current Discount Rates Current discount rates are used to discount estimates of future cash flows in determining the present value of future cash flows. Current discount rates reflect the time value of money, the characteristics of the cash flows, and the liquidity characteristics of the insurance contracts. Current discount rates for cash flows that do not vary based on returns on underlying items Cash flows that do not vary at all based on the returns on any underlying items are discounted at rates that reflect the timing and currency of cash flows and the liquidity characteristics of the insurance contracts. The timing of cash flows is reflected by constructing a discount curve, so that each cash flow is discounted consistent with the timing of the cash flow. In constructing the discount curve, a portion is based on market information (the observable period) and beyond that period, the discount rates are estimated (the unobservable period). The observable period, which varies by currency, is the time period where information on risk-free interest rates is deep and liquid. In the unobservable period, risk-free rates are interpolated between the last observable point and an ultimate risk-free rate at year 70. The ultimate risk-free rate is estimated using historical averages as guided by both IFRS and accepted actuarial practice in Canada. The currency of cash flows is reflected by using different discount curves for different currencies. Liquidity is reflected by adding a liquidity premium to risk-free discount rates that is consistent with the liquidity characteristics of the insurance contracts. The liquidity premium in the observable period is based on the liquidity premium on assets with similar liquidity characteristics, which is estimated from the spread inherent in current market yields less a deduction for expected and unexpected credit losses. The deduction for expected and unexpected credit losses is estimated using historical rating agency data and current market conditions, and varies by asset type, quality, and duration. The liquidity premium in the unobservable period is interpolated between the last observable liquidity premium and an ultimate liquidity premium (at year 70) specific to liquid or illiquid contracts as guided by both IFRS and accepted actuarial practice in Canada. The following table provides a weighted average summary of the discount curves used to present value cash flows that do not vary based on the returns on underlying items for all major products by business group: As at December 31, 2024 2023 1 year 5 years 10 years 30 years Ultimate 1 year 5 years 10 years 30 years Ultimate Canada CAD 3.92% 4.02% 4.33% 4.48% 4.95% 5.51% 4.67% 4.59% 4.46% 4.95% U.S. USD 5.32% 5.45% 5.57% 5.98% 4.95% 5.84% 5.12% 5.04% 5.05% 4.95% Asia USD 5.40% 5.37% 5.99% 5.76% 4.95% 5.89% 5.06% 5.37% 5.48% 4.95% Current discount rates for cash flows that vary with returns on underlying items Discount rates for cash flows that vary directly with returns on underlying items reflect that variability. For the portion of cash flows that is a pass through of returns on underlying items to policyholders, the discount rate is such that the present value of cash flows equals the portion of the underlying items that is passed through to policyholders. For cash flows that vary, but not directly, with underlying items (e.g., financial guarantees), scenario testing may be necessary. If so, discount rates used in the scenario projections are scenario-specific and based on the projected risk-free rates in the scenario plus liquidity premiums consistent with the liquidity characteristics of the contracts being measured. Scenario Testing Scenario testing may be required when the relationship between cash flows and financial risk variables is non-linear, or where there are complex interdependencies among cash flows. In scenario testing of financial risk variables, future cash flows are projected for each scenario path and discounted at the scenario-specific discount rates, resulting in a present value of future cash flows for each scenario. The provision for the projected cash flows is the average of the scenario-specific values. Assumptions for non-financial risk variables are the best estimate assumptions consistent with the scenario. Scenarios are consistent with the current market environment. Our Economic Scenario Generator calibration process produces integrated stochastic scenarios of financial risk variables (e.g., risk-free interest rates, bond fund returns, equity returns) with parameters calibrated to replicate observable market prices of financial instruments available in the market. Adjustments are made when the insurance contracts being measured are illiquid but the financial instruments to which the scenarios are calibrated to are liquid. Risk Adjustment for Non-Financial Risk The RA for insurance contracts issued is the compensation we require for bearing uncertainty about the amount and timing of the cash flows that arises from non-financial risk. This amount is measured as the present value of the difference between estimated future cash flows with a margin applied to non-financial assumptions and estimated future cash flows without this adjustment. Margins generally range from 5% to 20% depending on the uncertainty in the determination of the assumption. The level of uncertainty, and hence the margin chosen, varies by assumption and by line of business and other factors. Considerations that would generally lead to a choice of margin at the higher end of the range are as follows: • The statistical credibility of our experience is too low to be the primary source of data for choosing the assumption; • Future experience is difficult to estimate; • The cohort of risks lacks homogeneity; • Operational risks adversely impact the ability to estimate the assumption; or • Past experience may not be representative of future experience and the experience may deteriorate. Margins are generally stable over time and are revised only to reflect changes in the level of uncertainty in the assumptions. Our margins tend to be at mid-range. The RA for reinsurance contracts held represents the amount of risk transferred to the reinsurer. This is measured as the difference between the RA on the underlying insurance contracts without reinsurance and what the RA on the underlying insurance contracts would be with reinsurance. The RA for reinsurance contracts held increases the asset or reduces the liability for reinsurance contracts held. The RA for insurance contracts corresponds to a confidence level of approximately 85-90% overall. Contractual Service Margin The initial and subsequent measurement of CSM is described in Note 1. Additional detail about certain components of the measurement of CSM is provided below. Interest accretion For insurance contracts measured using the GMA, locked-in discount rates are used to accrete interest on the CSM. The locked-in discount rate for a group of insurance contracts is the weighted average of the current discount rates at initial recognition of the contracts in the group. For insurance contracts measured using the VFA, there is no accretion of interest. Rather, the CSM is adjusted by the change in our share of the fair value of underlying items. Changes in FCF relating to future service For insurance contracts measured using the GMA, locked-in discount rates are used to measure changes in FCF relating to future service. Changes in FCF relating to future service reflect changes in non-financial assumptions but not changes in assumptions related to financial risk. For insurance contracts measured using the VFA, current discount rates are used to measure the change in FCF relating to future service. Changes in FCF relating to future service reflect both changes in non-financial assumptions and changes in assumptions related to financial risk. Changes in FCF relating to future service include (LRC only): • All changes related to investment component payments (including current period payments); • Changes arising from changes in assumptions used to derive the present value of future cash flows — limited to non-financial assumptions for insurance contracts measured using the GMA; • Changes in future cash flows arising from claims in the current period; and • For insurance contracts measured using the GMA, changes related to discretionary cash flows on some universal life and adjustable products. Discretionary cash flows are cash flows outside the guaranteed payments to the policyholder, and are described as a spread on earned rates (in the case of some universal life contracts) and in the policy on criteria for changes to adjustable policies for adjustable policies. CSM amortization The amount of CSM recognized as insurance revenue in each period to reflect the insurance contract services provided for a group of contracts in the period is determined by: • Identifying the total coverage units in the group (for services in current and future periods) — based on the quantity of insurance contract services; • Allocating the CSM at the end of the period equally to each coverage unit in the current period and expected to be provided in the future (i.e., coverage units "unitize" the services provided); then • Recognizing in insurance revenue the amount allocated to coverage units provided in the period. Total coverage units for services expected to be provided in future periods is the present value of projected coverage units. The present value is measured using locked-in discount rates for groups measured using the GMA and current discount rates for groups measured using the VFA. The coverage unit for a group is based on the nature of the insurance contract services provided. Insurance contract services comprise services for providing insurance coverage and, for some contracts, investment-return or investment-related services. It does not include services related to performing functions such as claims adjudication. Where more than one type of service is provided to insurance contracts in a group, the coverage unit reflects the primary service provided. For insurance contracts measured using the VFA, coverage units are based on the policyholder's account value or the policyholders' share of the fair value of underlying items. For insurance contracts measured using the GMA, coverage units are based on the expected claim amount (excluding any investment component) for life and health insurance contracts, and the payment due in a period for annuity contracts. For reinsurance contracts held, CSM amortization reflects the services received in the period. 10.B Changes in Insurance Contracts 10.B.i Changes in Insurance Contracts Issued and Reinsurance Contracts Held Net Asset or Liability The following tables show the changes in the net assets or liabilities for insurance contracts issued and reinsurance contracts held, excluding insurance contract liabilities for account of segregated fund holders. Changes in the liabili ties for insurance contract liabilities for account of segregated fund holders are provided in Note 21. Total insurance contract liabilities, including Insurance contract liabilities for account of segregated fund holders, are $167,366 as at December 31, 2024 (December 31, 2023 — $154,710). Insurance Contracts Issued By Measurement Component The following table shows the changes in net liabilities for insurance contracts issued by measurement component: For the years ended and as at December 31, 2024 2023 Estimates of PV of future cash flows Risk adjustment CSM Total Estimates of PV of future cash flows Risk adjustment CSM Total Insurance contracts, beginning of year: Insurance contract liabilities — non-PAA $ 99,420 $ 7,388 $ 11,597 $ 118,405 $ 96,623 $ 6,847 $ 10,901 $ 114,371 Insurance contract liabilities — PAA 16,436 828 — 17,264 16,087 836 — 16,923 Insurance contract assets — non-PAA (578) 146 248 (184) (195) 51 69 (75) Insurance contract assets — PAA — — — — — — — — Net balances, beginning of year $ 115,278 $ 8,362 $ 11,845 $ 135,485 $ 112,515 $ 7,734 $ 10,970 $ 131,219 Changes related to current service: CSM recognized for services provided — — (1,117) (1,117) — — (923) (923) Risk adjustment recognized for non-financial risk expired — (596) — (596) — (545) — (545) Income taxes specifically chargeable to the policyholder (26) — — (26) (5) — — (5) Experience adjustments 176 — — 176 169 — — 169 Total changes related to current service 150 (596) (1,117) (1,563) 164 (545) (923) (1,304) Changes related to future service: Changes in estimates that adjust CSM (1) (508) 34 474 — (1,206) 292 914 — Changes in estimates that do not adjust CSM (losses on onerous groups and reversals of such losses) 81 72 — 153 33 9 — 42 Contracts initially recognized in the year (1,859) 530 1,448 119 (1,702) 513 1,259 70 Total changes related to future service (2,286) 636 1,922 272 (2,875) 814 2,173 112 Changes related to past service — Adjustments to FCF for incurred claims 8 (2) — 6 (39) (12) — (51) Insurance service result (2,128) 38 805 (1,285) (2,750) 257 1,250 (1,243) Insurance finance (income) expenses from insurance contracts issued 4,149 290 (97) 4,342 8,131 525 (8) 8,648 Total changes recognized in income 2,021 328 708 3,057 5,381 782 1,242 7,405 Foreign currency translation 3,524 235 475 4,234 (898) (54) (106) (1,058) Total changes recognized in income and OCI 5,545 563 1,183 7,291 4,483 728 1,136 6,347 Cash flows: Premiums received 16,055 — — 16,055 14,798 — — 14,798 Amounts paid to policyholders and other insurance service expenses paid (13,138) — — (13,138) (11,809) — — (11,809) Insurance acquisition cash flows (1,257) — — (1,257) (2,034) — — (2,034) Fees received from segregated funds 419 — — 419 422 — — 422 Other 1,096 — — 1,096 393 — — 393 Total cash flows 3,175 — — 3,175 1,770 — — 1,770 Dispositions (Note 3) — — — — (3,885) (92) (261) (4,238) Contracts modified (1) — — — — 46 — — 46 Changes in PAA balance 925 38 — 963 349 (8) — 341 Net balances, end of year $ 124,923 $ 8,963 $ 13,028 $ 146,914 $ 115,278 $ 8,362 $ 11,845 $ 135,485 Insurance contracts, end of year: Insurance contract liabilities — non-PAA (2) $ 108,232 $ 7,948 $ 12,733 $ 128,913 $ 99,420 $ 7,388 $ 11,597 $ 118,405 Insurance contract liabilities — PAA 17,490 866 — 18,356 16,436 828 — 17,264 Insurance contract assets — non-PAA (670) 149 295 (226) (578) 146 248 (184) Insurance contract assets — PAA (129) — — (129) — — — — Net balances, end of year $ 124,923 $ 8,963 $ 13,028 $ 146,914 $ 115,278 $ 8,362 $ 11,845 $ 135,485 (1) Reflective of a contract modification in 2023, resulting in the recognition of CSM related to a health contract in Asia Hong Kong. (2) Includes liabilities of $(325) as a t December 31, 2024 (December 31, 2023 — $(105) ) f or segregated fund insurance contracts that are not backed by the related Investments for account of segregated fund holders. Insurance Contracts Issued By Remaining Coverage and Incurred Claims The following table shows the changes in net liabilities for remaining coverage and incurred claims for insurance contracts issued: Liability for remaining coverage Liability for incurred claims Contracts using PAA For the year ended and as at December 31, 2024 Excluding loss component Loss component Contracts not using PAA Estimates of PV of future cash flows Risk Adjustment Total Insurance contract liabilities, beginning of year $ 117,440 $ 358 $ 1,195 $ 15,848 $ 828 $ 135,669 Insurance contract assets, beginning of year 2,516 — (2,700) — — (184) Net balances, beginning of year $ 119,956 $ 358 $ (1,505) $ 15,848 $ 828 $ 135,485 Insurance revenue (22,637) — — — — (22,637) Insurance service expenses: Incurred claims and other expenses — (57) 5,075 14,897 248 20,163 Amortization of insurance acquisition cash flows 341 — — — — 341 Changes related to future service (losses on onerous groups and reversals of such losses) — 266 — — — 266 Changes related to past service (changes in FCF related to liability for incurred claims) — — 59 (2,208) (248) (2,397) Total insurance service expenses 341 209 5,134 12,689 — 18,373 Insurance service result (22,296) 209 5,134 12,689 — (4,264) Insurance finance (income) expenses 4,262 17 70 755 35 5,139 Total changes recognized in income (18,034) 226 5,204 13,444 35 875 Foreign currency translation 4,262 5 (115) 490 3 4,645 Total changes recognized in income and OCI (13,772) 231 5,089 13,934 38 5,520 Cash flows: Premiums received 34,027 — — — — 34,027 Amounts paid to policyholders and other insurance service expenses paid — — (13,138) (15,305) — (28,443) Insurance acquisition cash flows (1,259) — — — — (1,259) Fees received from segregated funds 419 — — — — 419 Other 1,413 — (299) 51 — 1,165 Total cash flows 34,600 — (13,437) (15,254) — 5,909 Investment component excluded from insurance revenue and insurance service expense (10,924) — 8,349 2,575 — — Net balances, end of year $ 129,860 $ 589 $ (1,504) $ 17,103 $ 866 $ 146,914 Insurance contract liabilities, end of year $ 127,878 $ 579 $ 1,077 $ 16,869 $ 866 $ 147,269 Insurance contract assets, end of year 1,982 10 (2,581) 234 — (355) Net balances, end of year $ 129,860 $ 589 $ (1,504) $ 17,103 $ 866 $ 146,914 Liability for remaining coverage Liability for incurred claims Contracts using PAA For the year ended and as at December 31, 2023 Excluding loss component Loss component Contracts not using PAA Estimates of PV of future cash flows Risk Adjustment Total Insurance contract liabilities, beginning of year $ 113,237 $ 185 $ 1,803 $ 15,233 $ 836 $ 131,294 Insurance contract assets, beginning of year (118) 19 24 — — (75) Net balances, beginning of year $ 113,119 $ 204 $ 1,827 $ 15,233 $ 836 $ 131,219 Insurance revenue (21,356) — — — — (21,356) Insurance service expenses: Incurred claims and other expenses — 23 4,919 11,806 105 16,853 Amortization of insurance acquisition cash flows 202 — — — — 202 Changes related to future service (losses on onerous groups and reversals of such losses) — 126 — — — 126 Changes related to past service (changes in FCF related to liability for incurred claims) — — (51) 309 (163) 95 Total insurance service expenses 202 149 4,868 12,115 (58) 17,276 Insurance service result (21,154) 149 4,868 12,115 (58) (4,080) Insurance finance (income) expenses 8,652 7 (31) 994 53 9,675 Total changes recognized in income (12,502) 156 4,837 13,109 (5) 5,595 Foreign currency translation (1,071) (2) 43 (161) (3) (1,194) Total changes recognized in income and OCI (13,573) 154 4,880 12,948 (8) 4,401 Cash flows: Premiums received 31,876 — — — — 31,876 Amounts paid to policyholders and other insurance service expenses paid — — (11,878) (14,078) — (25,956) Insurance acquisition cash flows (2,061) — — — — (2,061) Fees received from segregated funds 422 — — — — 422 Other 794 — (428) 27 — 393 Total cash flows 31,031 — (12,306) (14,051) — 4,674 Investment component excluded from insurance revenue and insurance service expense (9,443) — 7,164 2,279 — — Dispositions (Note 3) (1,178) — (3,070) (561) — (4,809) Net balances, end of year $ 119,956 $ 358 $ (1,505) $ 15,848 $ 828 $ 135,485 Insurance contract liabilities, end of year $ 117,440 $ 358 $ 1,195 $ 15,848 $ 828 $ 135,669 Insurance contract assets, end of year 2,516 — (2,700) — — (184) Net balances, end of year $ 119,956 $ 358 $ (1,505) $ 15,848 $ 828 $ 135,485 Reinsurance Contracts Held By Measurement Component The following table shows the changes in net assets for reinsurance contracts held by measurement component: For the years ended and as at December 31, 2024 2023 Estimates of PV of future cash flows Risk adjustment CSM Total Estimates of PV of future cash flows Risk adjustment CSM Total Reinsurance contract held, beginning of year: Reinsurance contract held assets — non-PAA $ 3,848 $ 1,431 $ 174 $ 5,453 $ 4,061 $ 1,450 $ 163 $ 5,674 Reinsurance contract held assets — PAA 324 17 — 341 440 1 — 441 Reinsurance contract held liabilities — non-PAA (2,355) 847 (115) (1,623) (2,275) 771 (58) (1,562) Reinsurance contract held liabilities — PAA — — — — (49) 8 — (41) Net balances, beginning of year $ 1,817 $ 2,295 $ 59 $ 4,171 $ 2,177 $ 2,230 $ 105 $ 4,512 Changes related to current service: CSM recognized for services received — — 18 18 — — (4) (4) Risk adjustment recognized for non-financial risk expired — (174) — (174) — (148) — (148) Experience adjustments 151 — — 151 137 — — 137 Total changes related to current service 151 (174) 18 (5) 137 (148) (4) (15) Changes related to future service: Changes in estimates that adjust CSM 490 (130) (360) — 68 (52) (16) — Loss recoveries at initial recognition of onerous underlying contracts — — 44 44 — — 35 35 Changes in estimates that relate to losses and reversals of losses on groups of underlying contracts 113 1 (47) 67 (6) 23 (4) 13 Contracts initially recognized in the year (56) 120 (64) — (45) 102 (57) — Total changes related to future service 547 (9) (427) 111 17 73 (42) 48 Changes related to past service — Adjustments to FCF for incurred claims 7 4 — 11 (38) (9) — (47) Reinsurance contract held net income (expense) 705 (179) (409) 117 116 (84) (46) (14) Insurance finance income (expenses) from reinsurance contracts held (139) 192 (1) 52 (120) 164 1 45 Total changes recognized in income 566 13 (410) 169 (4) 80 (45) 31 Foreign currency translation 286 51 13 350 (81) (14) (2) (97) Total changes recognized in income and OCI 852 64 (397) 519 (85) 66 (47) (66) Cash flows: Premiums paid 1,407 — — 1,407 1,525 — — 1,525 Amounts recovered from reinsurers (1,508) — — (1,508) (1,434) — — (1,434) Other (164) — — (164) (279) — — (279) Total cash flows (265) — — (265) (188) — — (188) Dispositions (Note 3) — — — — (25) (9) 1 (33) Contracts modified — — — — 5 — — 5 Changes in PAA balance 68 — — 68 (67) 8 — (59) Net balances, end of year $ 2,472 $ 2,359 $ (338) $ 4,493 $ 1,817 $ 2,295 $ 59 $ 4,171 Reinsurance contract held, end of year: Reinsurance contract held assets — non-PAA $ 4,292 $ 1,487 $ 130 $ 5,909 $ 3,848 $ 1,431 $ 174 $ 5,453 Reinsurance contract held assets — PAA 392 17 — 409 324 17 — 341 Reinsurance contract held liabilities — non-PAA (2,212) 855 (468) (1,825) (2,355) 847 (115) (1,623) Reinsurance contract held liabilities — PAA — — — — — — — — Net balances, end of year $ 2,472 $ 2,359 $ (338) $ 4,493 $ 1,817 $ 2,295 $ 59 $ 4,171 Reinsurance Contracts Held By Remaining Coverage and Incurred Claims The following table shows the changes in net assets for remaining coverage and incurred claims for reinsurance contracts held: Asset for remaining coverage Asset for incurred claims Contracts using PAA For the year ended and as at December 31, 2024 Excluding loss-recovery component Loss-recovery component Contracts not using PAA Estimates of PV of future cash flows Risk Adjustment Total Reinsurance contract held assets, beginning of year $ 5,019 $ 56 $ 383 $ 319 $ 17 $ 5,794 Reinsurance contract held liabilities, beginning of year (1,599) 2 (26) — — (1,623) Net balances, beginning of year $ 3,420 $ 58 $ 357 $ 319 $ 17 $ 4,171 Reinsurance contract held net income (expense) excluding changes in risk of non-performance by the reinsurer (2,064) 92 1,339 717 1 85 Changes in the risk of non-performance by the reinsurer 2 — (2) — — — Reinsurance contract held net income (expense) (2,062) 92 1,337 717 1 85 Insurance finance income (expenses) from reinsurance contracts held 41 5 7 (1) (1) 51 Total changes recognized in income (2,021) 97 1,344 716 — 136 Foreign currency translation 310 — 38 20 — 368 Total changes recognized in income and OCI (1,711) 97 1,382 736 — 504 Cash flows: Premiums paid 2,179 — — — — 2,179 Amounts recovered from reinsurers — — (1,508) (705) — (2,213) Other (322) — 171 3 — (148) Total cash flows 1,857 — (1,337) (702) — (182) Investment component excluded from reinsurance contract held net income (expense) (60) — 32 28 — — Net balances, end of year $ 3,506 $ 155 $ 434 $ 381 $ 17 $ 4,493 Reinsurance contract held assets, end of year $ 5,403 $ 153 $ 364 $ 381 $ 17 $ 6,318 Reinsurance contract held liabilities, end of year (1,897) 2 70 — — (1,825) Net balances, end of year $ 3,506 $ 155 $ 434 $ 381 $ 17 $ 4,493 Asset for remaining coverage Asset for incurred claims Contracts using PAA For the year ended and as at December 31, 2023 Excluding loss-recovery component Loss-recovery component Contracts not using PAA Estimates of PV of future cash flows Risk Adjustment Total Reinsurance contract held assets, beginning of year $ 4,894 $ 18 $ 752 $ 450 $ 1 $ 6,115 Reinsurance contract held liabilities, beginning of year (1,501) — (40) (70) 8 (1,603) Net balances, beginning of year $ 3,393 $ 18 $ 712 $ 380 $ 9 $ 4,512 Reinsurance contract held net income (expense) excluding changes in risk of non-performance by the reinsurer (1,994) 38 1,300 580 7 (69) Changes in the risk of non-performance by the reinsurer 24 — (24) — — — Reinsurance contract held net income (expense) (1,970) 38 1,276 580 7 (69) Insurance finance income (expenses) from reinsurance contracts held 23 2 8 25 1 59 Total changes recognized in income (1,947) 40 1,284 605 8 (10) Foreign currency translation (67) — (82) (22) — (171) Total changes recognized in income and OCI (2,014) 40 1,202 583 8 (18

Other Liabilities

Other Liabilities	12 Months Ended
	Dec. 31, 2024
Subclassifications of assets, liabilities and equities [abstract]
Other Liabilities	11. Other Liabilities 11.A Composition of Other Liabilities As at December 31, 2024 2023 Accounts payable $ 2,559 $ 2,493 Bank overdrafts and cash pooling 175 — Repurchase agreements (Note 5) 2,840 2,705 Accrued expenses and taxes 4,904 4,433 Credit facilities (1) 2,126 2,330 Borrowed funds (2) 361 333 Accrued post-retirement benefit liability (Note 24) 351 355 Secured borrowings from mortgage securitization (Note 5) 1,854 2,119 Lease liabilities 946 989 Other financial liabilities (Note 5) (3) 2,265 2,449 Obligations for securities borrowing 239 223 Collateralized loan obligations (Note 5) 5,028 3,247 Deferred payments liability 197 240 Other (1) 2,447 1,739 Total other liabilities $ 26,292 $ 23,655 (1) Interest expense on credit facilities and other borrowings was $148 in 2024 (2023 — $167). (2) The change in Borrowed funds relates to net cash flow changes of $23 in 2024 (2023 — $(72)) and foreign exchange rate movements of $5 in 2024 (2023 — $2). (3) Comprises of financial liabilities related to acquisitions, including put option liabilities and financial liabilities due to NCI. Interest expense on financial liabilities related to acquisitions was $87 in 2024 (2023 — $91). Other financial liabilities include obligations to purchase outstanding shares of certain SLC Management subsidiaries. These amounts are initially measured at fair value. For obligations to purchase remaining outstanding shares, the price is based on the expected average EBITDA for respective subsidiaries using multiples in accordance with contractual terms as described in Note 5.A.iii. During the year, these amounts were revised to reflect the change in expected cash flows, resulting in an increase (decrease) in our liability of $(331) (2023 — $48), which has been recognized within operating expenses and commissions in the Consolidated Statements of Operations. 11.B Borrowed Funds Borrowed funds include the following: As at December 31, Currency of borrowing Maturity 2024 2023 Encumbrances on real estate CAD Current — 2032 $ 294 $ 258 Encumbrances on real estate USD 2028 67 75 Total borrowed funds $ 361 $ 333 Interest expense on the borrowed funds was $13 in 2024 (2023 — $14). The aggregate maturities of borrowed funds are included in Note 6.

Senior Debentures and Innovativ

Senior Debentures and Innovative Capital Instruments	12 Months Ended
	Dec. 31, 2024
Financial Instruments [Abstract]
Senior Debentures and Innovative Capital Instruments	12. Senior Debentures and Innovative Capital Instruments 12.A Senior Debentures (1) The following obligations are included in Senior debentures as at December 31: Interest Earliest par call or Maturity 2024 2023 Sun Life Assurance senior debentures: Issued to Sun Life Capital Trust ("SLCT I") Series B issued June 25, 2002 7.093% June 30, 2032 (2) 2052 $ 200 $ 200 Fair value $ 228 $ 220 (1) All senior debentures are unsecured, and redemptions are subject to regulatory approval. (2) Redeemable in whole or in part on any interest payment date or in whole upon the occurrence of a Regulatory Event or Tax Event, as described in the debenture. Prior to June 30, 2032, the redemption price is the greater of par and a price based on the yield of a corresponding Government of Canada bond plus 0.32%; from June 30, 2032, the redemption price is par. Fair value is determined based on quoted market prices for identical or similar instruments. When quoted market prices are not available, fair value is determined from observable market data by dealers that are typically the market makers. The fair value is categorized in Level 2 of the fair value hierarchy. Interest expense on senior debentures was $14 for both 2024 and 2023. The senior debentures issued by SLF Inc. are direct senior unsecured obligations and rank equally with other unsecured and unsubordinated indebtedness of SLF Inc. 12.B Innovative Capital Instruments Innovative capital instruments consist of Sun Life ExchangEable Capital Securities ("SLEECS"), which were issued by SLCT I, established as a trust under the laws of Ontario. SLCT I issued Sun Life ExchangEable Capital Securities — Series B ("SLEECS B"), which are units representing an undivided beneficial ownership interest in the assets of that trust. SLEECS B are non-voting except in certain limited circumstances. Holders of the SLEECS B are eligible to receive semi-annual non-cumulative fixed cash distributions. The proceeds of the issuance of the SLEECS B were used by SLCT I to purchase senior debentures of Sun Life Assurance. SLCT I is not consolidated by us. As a result, the innovative capital instruments are not reported on our Consolidated Financial Statements. However, the senior debentures issued by Sun Life Assurance to SLCT I are reported on our Consolidated Financial Statements. The SLEECS B are structured to achieve Tier 1 regulatory capital treatment for SLF Inc. and Sun Life Assurance and, as such, have features of equity capital. No interest payments or distributions will be paid in cash by SLCT I on the SLEECS B if Sun Life Assurance fails to declare regular dividends (i) on its Class B Non-Cumulative Preferred Shares Series A, or (ii) on its public preferred shares, if any are outstanding (each, a "Missed Dividend Event"). If a Missed Dividend Event occurs, the net distributable funds of SLCT I will be distributed to Sun Life Assurance as the holder of Special Trust Securities of that trust. If SLCT I fails to pay in cash the semi-annual interest payments or distributions on the SLEECS B in full for any reason other than a Missed Dividend Event, then, for a specified period of time, Sun Life Assurance will not declare dividends of any kind on any of its public preferred shares, and if no such public preferred shares are outstanding, SLF Inc. will not declare dividends of any kind on any of its preferred shares or common shares. Each SLEECS B unit will be automatically exchanged for 40 non-cumulative perpetual preferred shares of Sun Life Assurance if any one of the following events occurs: (i) proceedings are commenced or an order is made for the winding-up of Sun Life Assurance; (ii) OSFI takes control of Sun Life Assurance or its assets; (iii) Sun Life Assurance’s capital ratios fall below applicable thresholds; or (iv) OSFI directs Sun Life Assurance to increase its capital or provide additional liquidity and Sun Life Assurance either fails to comply with such direction or elects to have the SLEECS B automatically exchanged ("Automatic Exchange Event"). Upon an Automatic Exchange Event, former holders of the SLEECS B will cease to have any claim or entitlement to distributions, interest or principal against SLCT I and will rank as preferred shareholders of Sun Life Assurance in a liquidation of Sun Life Assurance. The table below presents additional significant terms and conditions of the SLEECS: Issuer Issuance date Distribution or interest payment dates Annual yield Redemption date at the issuer’s option Conversion date at the holder’s option Principal amount Sun Life Capital Trust ("SLCT I") (1)(2)(3)(4) SLEECS B June 25, 2002 June 30, December 31 7.093% June 30, 2007 Any time $ 200 (1) Subject to regulatory approval, SLCT I may (i) redeem any outstanding SLEECS, in whole or in part, on the redemption date specified above or on any distribution date thereafter and (ii) may redeem all, but not part of any class of SLEECS upon occurrence of a Regulatory Event or a Tax Event, prior to the redemption date specified above. (2) The SLEECS B may be redeemed for cash equivalent to (i) the greater of the Early Redemption Price or the Redemption Price if the redemption occurs prior to June 30, 2032 or (ii) the Redemption Price if the redemption occurs on or after June 30, 2032. Redemption Price is equal to one thousand dollars plus the unpaid distributions, other than unpaid distributions resulting from a Missed Dividend Event, to the redemption date. Early Redemption Price for the SLEECS B is the price calculated to provide an annual yield, equal to the yield of a Government of Canada bond issued on the redemption date that has a maturity date of June 30, 2032, plus 32 basis points, plus the unpaid distributions, other than unpaid distributions resulting from a Missed Dividend Event, to the redemption date. (3) The non-cumulative perpetual preferred shares of Sun Life Assurance issued upon an Automatic Exchange Event in respect of the SLEECS B will become convertible, at the option of the holder, into a variable number of common shares of SLF Inc. on distribution dates on or after December 31, 2032. (4) Holders of SLEECS B may exchange, at any time, all or part of their SLEECS B units for non-cumulative perpetual preferred shares of Sun Life Assurance at an exchange rate for each SLEECS of 40 non-cumulative perpetual preferred shares of Sun Life Assurance. SLCT I will have the right, at any time before the exchange is completed, to arrange for a substituted purchaser to purchase SLEECS tendered for surrender to SLCT I so long as the holder of the SLEECS so tendered has not withheld consent to the purchase of its SLEECS. Any non-cumulative perpetual preferred shares issued in respect of an exchange by the holders of SLEECS B will become convertible, at the option of the holder, into a variable number of common shares of SLF Inc. on distribution dates on or after December 31, 2032.

Subordinated Debt

Subordinated Debt	12 Months Ended
	Dec. 31, 2024
Financial Instruments [Abstract]
Subordinated Debt	13. Subordinated Debt The following obligations are included in Subordinated debt as at December 31, and qualify as capital for Canadian regulatory purposes: Interest rate Earliest par call date (1) Maturity 2024 2023 Sun Life Assurance: Issued May 15, 1998 (2) 6.30% n/a 2028 $ 150 $ 150 Sun Life Financial Inc.: Issued May 29, 2007 (3) 5.40% May 29, 2037 (4) 2042 399 398 Issued August 13, 2019 (5) 2.38% August 13, 2024 2029 — 750 Issued May 8, 2020 (6) 2.58% May 10, 2027 2032 998 997 Issued October 1, 2020 (7) 2.06% October 1, 2030 2035 747 747 Issued November 18, 2021 (8) 2.46% November 18, 2026 2031 499 498 Issued November 18, 2021 (9) 2.80% November 21, 2028 2033 997 996 Issued November 18, 2021 (10) 3.15% November 18, 2031 2036 498 498 Issued August 10, 2022 (11) 4.78% August 10, 2029 2034 648 647 Issued July 4, 2023 (12) 5.50% July 4, 2030 2035 497 497 Issued May 15, 2024 (13) 5.12% May 15, 2031 2036 746 — Total subordinated debt $ 6,179 $ 6,178 Fair value $ 6,179 $ 5,888 (1) Subject to regulatory approval all obligations are redeemable 5-years after issuance date. From the date noted, the redemption price is par and redemption may only occur on a scheduled interest payment date. (2) 6.30% Debentures, Series 2, due 2028, issued by The Mutual Life Assurance Company of Canada, which subsequently changed its name to Clarica Life Insurance Company ("Clarica") and was amalgamated with Sun Life Assurance. These debentures are redeemable at any time. Prior to May 15, 2028, the redemption price is the greater of par and a price based on the yield of a corresponding Government of Canada bond plus 0.16%. (3) Series 2007-1 Subordinated Unsecured 5.40% Fixed/Floating Debentures due 2042. From May 29, 2037, interest is payable at 1.00% over CDOR, subject to any necessary action to reflect the replacement of CDOR. (4) For redemption of the 2007 debentures prior to the date noted, the redemption price is the greater of par and a price based on the yield of a corresponding Government of Canada bond plus 0.250%. (5) Series 2019-1 Subordinated Unsecured 2.38% Fixed/Floating Debentures due 2029. On August 13, 2024, SLF Inc. redeemed all of the outstanding $750 principal amount of these debentures in accordance with the redemption terms attached to such debentures. (6) Series 2020-1 Subordinated Unsecured 2.58% Fixed/Floating Debentures due 2032. From May 10, 2027, interest is payable at 1.66% over CDOR, subject to transition to an alternative benchmark rate due to the interest rate benchmark reform. Between May 10, 2025 and May 10, 2027, the redemption price is the greater of par and a price based on the yield of a corresponding Government of Canada bond plus 0.515%. (7) Series 2020-2 Subordinated Unsecured 2.06% Fixed/Floating Debentures due 2035. From October 1, 2030, interest is payable at 1.03% over CDOR, subject to transition to an alternative benchmark rate due to the interest rate benchmark reform. Between October 1, 2025 and October 1, 2030, the redemption price is the greater of par and a price based on the yield of a corresponding Government of Canada bond plus 0.380%. (8) Series 2021-1 Subordinated Unsecured 2.46% Fixed/Floating Debentures due 2031. From November 18, 2026, interest is payable at 0.44% over CDOR, subject to transition to an alternative benchmark rate due to the interest rate benchmark reform. (9) Series 2021-2 Subordinated Unsecured 2.80% Fixed/Floating Debentures due 2033. From November 21, 2028, interest is payable at 0.69% over CDOR, subject to transition to an alternative benchmark rate due to the interest rate benchmark reform. Between November 21, 2026 and November 21, 2028, the redemption price is the greater of par and a price based on the yield of a corresponding Government of Canada bond plus 0.285%. (10) Series 2021-3 Subordinated Unsecured 3.15% Fixed/Floating Debentures due 2036. From November 18, 2031, interest is payable at 0.91% over CDOR, subject to transition to an alternative benchmark rate due to the interest rate benchmark reform. Between November 18, 2026 and November 18, 2031, the redemption price is the greater of par and a price based on the yield of a corresponding Government of Canada bond plus 0.335%. (11) Series 2022-1 Subordinated Unsecured 4.78% Fixed/Floating Debentures due 2034. From August 10, 2029, interest is payable at 1.96% over the CORRA. Between August 10, 2027 and August 10, 2029, the redemption price is the greater of par and a price based on the yield of a corresponding Government of Canada bond plus 0.520%. (12) Series 2023-1 Subordinated Unsecured 5.50% Fixed/Floating Debentures due 2035. From July 4, 2030, interest is payable at 1.93% over the CORRA. Between July 4, 2028 and July 4, 2030, the redemption price is the greater of par and a price based on the yield of a corresponding Government of Canada bond plus 0.525%. (13) Series 2024-1 Subordinated Unsecured 5.12% Fixed/Floating Debentures due 2036. From May 15, 2031, interest is payable at 1.46% over the CORRA. Between May 15, 2029 and May 15, 2031, the redemption price is the greater of par and a price based on the yield of a corresponding Government of Canada bond plus 0.355%. Fair value is determined based on quoted market prices for identical or similar instruments. When quoted market prices are not available, fair value is determined from observable market data by dealers that are typically the market makers. The fair value is categorized in Level 2 of the fair value hierarchy. Interest expense on subordinated debt was $223 and $213 for 2024 and 2023, respectively.

Share Capital

Share Capital	12 Months Ended
	Dec. 31, 2024
Share Capital, Reserves And Other Equity Interest [Abstract]
Share Capital	14. Share Capital The authorized share capital of SLF Inc. consists of the following: • An unlimited number of common shares without nominal or par value. Each common share is entitled to one vote at meetings of the shareholders of SLF Inc. There are no pre-emptive, redemption, purchase, or conversion rights attached to the common shares. • An unlimited number of Class A and Class B non-voting shares, issuable in series. The Board is authorized before issuing the shares, to fix the number, the consideration per share, the designation of, and the rights and restrictions of the Class A and Class B shares of each series, subject to the special rights and restrictions attached to all the Class A and Class B shares. The Board has authorized 14 series of Class A non-voting preferred shares, 8 of which are outstanding. The common and preferred shares of SLF Inc. qualify as capital for Canadian regulatory purposes. See Note 20. Dividends and Restrictions on the Payment of Dividends Under the Insurance Companies Act (Canada), SLF Inc. and Sun Life Assurance are each prohibited from declaring or paying a dividend on any of its shares if there are reasonable grounds for believing that it is, or by paying the dividend would be, in contravention of: (i) the requirement that it maintains adequate capital and adequate and appropriate forms of liquidity, (ii) any regulations under the Insurance Companies Act (Canada) in relation to capital and liquidity, and (iii) any order by which OSFI directs it to increase its capital or provide additional liquidity. SLF Inc. and Sun Life Assurance have each covenanted that, if a distribution is not paid when due on any outstanding SLEECS issued by SLCT I, then (i) Sun Life Assurance will not pay dividends on its public preferred shares, if any are outstanding, and (ii) if Sun Life Assurance does not have any public preferred shares outstanding, then SLF Inc. will not pay dividends on its preferred shares or common shares, in each case, until the 12th month following the failure to pay the required distribution in full, unless the required distribution is paid to the holders of SLEECS. Public preferred shares means preferred shares issued by Sun Life Assurance which: (a) have been issued to the public (excluding any preferred shares held beneficially by affiliates of Sun Life Assurance); (b) are listed on a recognized stock exchange; and (c) have an aggregate liquidation entitlement of at least $200. As at December 31, 2024, Sun Life Assur ance did not ha ve any outstanding shares that qualify as public preferred shares. The terms of SLF Inc.’s outstanding preferred shares provide that for so long as Sun Life Assurance is a subsidiary of SLF Inc ., no dividends on such preferred shares are to be declared or paid if Sun Life Assurance’s minimum regulatory capital ratio falls below the applicable threshold. In addition, under the terms of SLF Inc.’s outstanding preferred shares, SLF Inc. cannot pay dividends on its common shares without the approval of the holders of those preferred shares unless all dividends on the preferred shares for the last completed period for which dividends are payable have been declared and paid or set apart for payment. Currently, the above limitations do not restrict the payment of dividends on SLF Inc.’s preferred or common shares. The declaration and payment of dividends on SLF Inc.’s shares are at the sole discretion of the Board of Directors and will be dependent upon our earnings, financial condition and capital requirements. Dividends may be adjusted or eliminated at the discretion of the Board on the basis of these or other considerations. 14.A Common Shares Changes in common shares issued and outstanding for the years ended December 31 were as follows: 2024 2023 Common shares (in millions of shares) Number of Amount Number of Amount Balance, beginning of year 584.6 $ 8,327 586.4 $ 8,311 Stock options exercised (Note 18) 0.8 47 1.0 56 Common shares purchased for cancellation (11.5) (182) (2.8) (40) Balance, end of year 573.9 $ 8,192 584.6 $ 8,327 On August 29, 2023, we launched a normal course issuer bid (the "NCIB") to purchase up to 17 million of our common shares, which expired on August 28, 2024. In August 2024, we renewed the NCIB to purchase up to 15 million of our common shares between August 29, 2024 and, at the latest, August 28, 2025. We implemented an automatic repurchase plan with our designated broker in order to facilitate purchases of common shares under the NCIB. Under the automatic repurchase plan, our designated broker is able to purchase common shares pursuant to the NCIB at times when we ordinarily would not be active in the market due to applicable securities laws or self-imposed blackout periods. Any common shares purchased by us pursuant to the NCIB will be cancelled or used in connection with certain equity settled incentive arrangements. For the year ended December 31, 2024, we purchased and cancelled an aggregate of approximately 11.5 million common shares (2023 — 2.8 million common shares) at an average price per share of $74.27 (2023 — $66.61) for a total amount of $855 (2023 — $186) under the NCIB and incurred tax on net repurchases of equity of $16 (2023 — $nil). The total amount paid to purchase the shares pursuant to the NCIB and the tax incurred is recorded in our Consolidated Statements of Changes in Equity. The amount allocated to Common shares is based on the average cost per common share and amounts paid above the average cost are allocated to Retained earnings. 14.B Preferred Shares and Other Equity Instruments There were no changes in preferred shares issued and outstanding for the years ended December 31, 2024 and December 31, 2023. Further information on the preferred shares outstanding as at December 31, 2024, is as follows: (in millions of shares) Issue date Annual Annual Earliest par call or redemption date (1) Number Face Net amount (2) Class A Preferred shares Series 3 January 13, 2006 4.45% $ 1.11 Any time 10.0 $ 250 $ 245 Series 4 October 10, 2006 4.45% $ 1.11 Any time 12.0 300 293 Series 5 February 2, 2007 4.50% $ 1.13 Any time 10.0 250 245 Series 8R (3) May 25, 2010 1.825% (3) $ 0.46 June 30, 2025 (4) 6.2 155 152 Series 9QR (5) June 30, 2015 Floating (6) Floating June 30, 2025 (7) 5.0 125 122 Series 10R (3) August 12, 2011 2.967% (3) $ 0.74 September 30, 2026 (4) 6.8 171 167 Series 11QR (5) September 30, 2016 Floating (6) Floating September 30, 2026 (7) 1.2 29 28 Other equity instruments Series 2021-1 (8) June 30, 2021 3.600% n/a June 30, 2026 1.0 1,000 987 Total preferred shares and other equity instruments 52.2 $ 2,280 $ 2,239 (1) Redemption of all preferred shares and other equity instruments is subject to regulatory approval. (2) Net of after-tax issuance costs. (3) On the earliest redemption date and every five years thereafter, the dividend rate will reset to an annual rate equal to the 5-year Government of Canada bond yield plus a spread specified for each series. The specified spread for Class A shares is: Series 8R – 1.41% and Series 10R – 2.17%. On the earliest redemption date and every five years thereafter, holders will have the right, at their option, to convert their shares into the series that is one number higher than their existing series. (4) Redeemable on the redemption date and every five years thereafter, in whole or in part, at $25.00 per share. (5) On the earliest redemption date and every five years thereafter, holders will have the right, at their option, to convert those shares into the series that is one number lower than their existing series. (6) Holders are entitled to receive quarterly floating rate non-cumulative dividends at an annual rate equal to the then 3-month Government of Canada treasury bill yield plus a spread specified for each series. The specified spread for Class A shares is: Series 9QR – 1.41% and Series 11QR – 2.17%. (7) Redeemable on the redemption date and every five years thereafter, in whole or in part, at $25.00 per share, and on any other date at $25.50 per share. (8)

Interests in Other Entities

Interests in Other Entities	12 Months Ended
	Dec. 31, 2024
Interests In Other Entities [Abstract]
Interests in Other Entities	15. Interests in Other Entities 15.A Subsidiaries Our principal subsidiaries are Sun Life Assurance and Sun Life Global Investments Inc. Sun Life Assurance is our principal operating insurance company and holds our insurance operations in Canada, the U.S., the UK, the Philippines, Hong Kong, Indonesia and Vietnam. These insurance operations are operated directly by Sun Life Assurance or through other subsidiaries. Effective the second quarter of 2023, we completed the sale of our UK business unit. See Note 3. Sun Life Global Investments Inc. is a non-operating holding company that holds our asset management businesses, including MFS and the group of companies under SLC Management. We are required to comply with various regulatory capital and solvency requirements in the jurisdictions in which we operate that may restrict our ability to access or use the assets of the group and to pay dividends. Further details on these restrictions are included in Notes 14 and 20. 15.B Joint Ventures and Associates We have interests in various joint ventures and associates that principally operate in India, Malaysia, China, and the Philippines. We also have interests in joint ventures related to certain real estate investments in Canada. Our interests in these joint ventures and associates range from 24.99% to 50%. The following table summarizes, in aggregate, the financial information of these joint ventures and associates: For the years ended and as at December 31, 2024 2023 Carrying amount of interests in joint ventures and associates $ 1,796 $ 1,628 Our share of: Net income (loss) 19 94 Other comprehensive income (loss) 194 (37) Total comprehensive income (loss) $ 213 $ 57 In 2024, we increased our investment in our joint ventures and associates by $17, primarily in Asia (2023 — $75). During 2024, we received dividends and other proceeds relating to our joint ventures and associates of $160 (2023 — $32). We also incurred rental expenses of $19 (2023 — $19) related to leases with our joint ventures and associates, with the remaining future rental payments payable to our joint ventures and associates totaling $151 over 8 years. As at December 31, 2024, we held $115 in redeemable subordinate debentures issued by an associate (December 31, 2023 — $64). These debentures carry coupon rates ranging from 7.3% to 8.2% and have maturity dates between 2031 to 2034. 15.C Joint Operations We invest jointly in investment properties and owner-occupied properties which are co-managed under contractual relationships with the other investors. We share in the revenues and expenses generated by these properties in proportion to our investment. The carrying amount of these jointly controlled assets, which is included in Investment properties and in Other assets for owner-occupied properties, is $2,060 as at December 31, 2024 (December 31, 2023 — $2,100). The fair value of these jointly controlled assets is $2,114 as at December 31, 2024 (December 31, 2023 — $2,200). 15.D Unconsolidated Structured Entities SLF Inc. and its subsidiaries have interests in various structured entities that are not consolidated by us. A structured entity is an entity that has been designed so that voting or similar rights are not the dominant factor in deciding who controls the entity, such as when any voting rights relate to administrative tasks only and the relevant activities are directed by means of contractual arrangements. We have an interest in a structured entity when we have a contractual or non-contractual involvement that exposes us to variable returns from the performance of the entity. Our interest includes investments held in securities or units issued by these entities and fees earned from management of the assets within these entities. Information on our interests in unconsolidated structured entities is as follows: As at December 31, 2024 2023 Type of structured entity Type of investment held Consolidated Statements of Financial Position line item Carrying Maximum exposure to loss (1) Carrying Maximum exposure to loss (1) Securitization entities — third-party managed Debt securities Debt securities $ 12,406 $ 12,406 $ 9,931 $ 9,931 Securitization entities — third-party managed Short-term securities Cash, cash equivalents and short-term securities $ 1,048 $ 1,048 $ 539 $ 539 Investment funds — third-party managed Investment fund units Equity securities $ 8,494 $ 8,494 $ 5,869 $ 5,869 Investment funds — company managed (2) Investment fund units and Limited partnership units Equity securities, Other financial invested assets, and Other non-financial invested assets $ 4,119 $ 4,119 $ 3,484 $ 3,484 Limited partnerships — third-party managed Limited partnership units Other non-financial invested assets $ 3,292 $ 3,292 $ 3,128 $ 3,128 (1) The maximum exposure to loss is the maximum loss that we could record through comprehensive income as a result of our involvement with these entities. (2) Includes investments in funds managed by our joint ventures with a carrying amount of $99 (2023 — $97). 15.D.i Securitization Entities Securitization entities are structured entities that are generally financed primarily through the issuance of debt securities that are backed by a pool of assets, such as mortgages or loans. Third-Party Managed Our investments in third-party managed securitization entities consist of asset-backed securities, such as commercial mortgage-backed securities, residential mortgage-backed securities, collateralized debt obligations ("CDOs"), and commercial paper. These securities are generally large-issue debt securities designed to transform the cash flows from a specific pool of underlying assets into tranches providing various risk exposures for investment purposes. We do not provide financial or other support to these entities other than our original investment and therefore our maximum exposure to loss on these investments is limited to the carrying amount of our investment. We do not have control over these investments since we do not have power to direct the relevant activities of these entities, regardless of the level of our investment. Company Managed We provide collateral management services to various securitization entities, primarily CDOs, from which we earn a fee for our services. The financial support provided to these entities is limited to the carrying amount of our investment in these entities. We provide no guarantees or other contingent support to these entities. We have not consolidated these entities since we do not have significant variability from our interests in these entities and we do not have any investment in these entities. 15.D.ii Investment Funds and Limited Partnerships Investment funds and limited partnerships are investment vehicles that consist of a pool of funds collected from a group of investors for the purpose of investing in assets such as money market instruments, debt securities, equity securities, real estate, and other similar assets. The preceding table includes our investments in all investment funds, including mutual funds, exchange-traded funds, and segregated funds, and our investments in certain limited partnerships. Some of these investment funds and limited partnerships are structured entities. For all investment funds and limited partnerships, our maximum exposure to loss is equivalent to the carrying amount of our investment in the fund or partnership. Investment funds and limited partnerships are generally financed through the issuance of investment fund units or limited partnership units. Third-Party Managed We hold units in investment funds and limited partnerships managed by third-party asset managers. Our investments in fund units and limited partnership units generally give us an undivided interest in the investment performance of a portfolio of underlying assets managed or tracked to a specific investment mandate for investment purposes. We do not have control over investment funds or limited partnerships that are structured entities since we do not have power to direct their relevant activities. Company Managed We hold units in Company managed investment funds and limited partnerships. We generally have power over Company managed investment funds and limited partnerships that are structured entities since we have power to direct the relevant activities of the funds and limited partnerships. However, we have not consolidated these funds and limited partnerships since we do not have significant variability from our interests in these funds and limited partnerships. We earn management fees from the management of these investment funds and limited partnerships that are commensurate with the services provided and are reported in Fee income. Management fees are generally based on the value of the assets under management. Therefore, the fees earned are impacted by the composition of the assets under management and fluctuations in financial markets. The fee income earned is included in Fund management and other asset-based fees in Note 16. We also hold units in investment funds and limited partnerships managed by our joint ventures. Our share of the management fees earned is included as part of the Net income (loss) reported in Note 15.B. 15.E Consolidated Structured Entities We control and consolidate structured entities related to the CLOs described in more detail in Note 5.A.i and investment funds managed by SLC Management and its affiliate managers which invest primarily in investment properties and entities which invest in renewable energy projects.

Fee Income

Fee Income	12 Months Ended
	Dec. 31, 2024
Analysis of income and expense [abstract]
Fee Income	16. Fee Income For the years ended December 31, 2024 2023 Fee income from service contracts: Distribution fees $ 1,026 $ 973 Fund management and other asset-based fees 6,089 5,595 Administrative service and other fees 1,466 1,264 Total fee income $ 8,581 $ 7,832

Operating Expenses and Commissi

Operating Expenses and Commissions	12 Months Ended
	Dec. 31, 2024
Analysis of income and expense [abstract]
Operating Expenses and Commissions	17. Operating Expenses and Commissions For the years ended December 31, 2024 2023 Operating expenses incurred (insurance and non-insurance): Employee expenses (1) $ 6,629 $ 6,144 Premises and equipment 197 216 Capital asset depreciation 262 249 Service fees 1,350 1,220 Amortization and impairment of intangible assets and goodwill 678 349 Other expenses 2,944 2,610 Total operating expenses incurred (insurance and non-insurance) 12,060 10,788 Commissions incurred: Insurance 2,243 2,084 Non-insurance 1,014 948 Total commissions incurred (insurance and non-insurance) 3,257 3,032 Total operating expenses and commissions incurred (insurance and non-insurance) 15,317 13,820 Less: Amounts directly attributable to the acquisition and fulfillment of insurance contracts 6,551 5,825 Total operating expenses and commissions $ 8,766 $ 7,995 (1) See table below for further details. Employee expenses consist of the following: For the years ended December 31, 2024 2023 Salaries, bonus, employee benefits $ 5,977 $ 5,605 Share-based payments (Note 18) 610 491 Other personnel costs 42 48 Total employee expenses $ 6,629 $ 6,144

Share-Based Payments

Share-Based Payments	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangements [Abstract]
Share-Based Payments	18. Share-Based Payments 18.A Stock Option Plans SLF Inc. has granted stock options to eligible employees under the Executive Stock Option Plan. These options are granted at the closing price of the common shares on the Toronto Stock Exchange ("TSX") on the grant date. The options granted under the stock option plans vest over a four-year period. All options have a maximum exercise period of 10 years. The maximum number of common shares that may be issued under the Executive Stock Option Plan is 29,525,000 shares. The activities in the stock option plans for the years ended December 31, are as follows: 2024 2023 Number of stock options (thousands) Weighted average exercise price Number of Weighted average Balance, January 1, 3,428 $ 62.54 3,589 $ 58.51 Granted 488 $ 73.19 790 $ 67.68 Exercised (708) $ 58.13 (951) $ 51.60 Forfeited (88) $ 69.25 — $ — Balance, December 31, 3,120 $ 65.01 3,428 $ 62.54 Exercisable, December 31 1,390 $ 60.32 1,560 $ 57.89 The weighted average share price at the date of exercise of stock options for the year ended December 31, 2024 was $79.09 (2023 — $68.44). Compensation expense for stock options was $6 for the year ended December 31, 2024 (2023 — $8). The stock options outstanding as at December 31, 2024, by exercise price, are as follows: Range of exercise prices Number of stock options (thousands) Weighted average remaining contractual life (years) Weighted average exercise price $40.16 to $55.00 411 2.27 $ 49.79 $55.01 to $68.00 1,578 6.37 $ 65.26 $68.01 to $73.43 1,131 7.98 $ 70.20 Total stock options 3,120 6.41 $ 65.01 The weighted average fair values of the stock options, calculated using the Black-Scholes option pricing model, granted during the year ended December 31, 2024 was $12.22 (2023 — $11.54). The Black-Scholes option pricing model used the following assumptions to determine the fair value of options granted during the years ending December 31: Weighted average assumptions 2024 2023 Risk-free interest rate 3.5 % 3.4 % Expected volatility 22.7 % 23.3 % Expected dividend yield 4.0 % 4.0 % Expected life of the option (in years) 6.8 6.8 Exercise price $ 73.19 $ 67.68 Expected volatility is based on historical volatility of the common shares, implied volatilities from traded options on the common shares, and other factors. The expected term of options granted is derived based on historical employee exercise behaviour and employee termination experience. The risk-free rate for periods within the expected term of the option is based on the Canadian government bond yield curve in effect at the time of grant. 18.B Employee Share Ownership Plan In Canada, we match eligible employees’ contributions to the Sun Life Financial Employee Stock Plan. Employees may elect to contribute from 1% to 20% of their target annual compensation. Under this plan, the match is provided for employees who have met one year of employment eligibility and is equal to 50% of the employee’s contributions up to 5% of an employee’s annual compensation. The match is further capped by a one thousand five hundred dollar annual maximum. Our contributions vest immediately and are expensed. Effective July 1, 2024, we have modified the Sun Life Financial Employee Stock Plan such that employees may elect to contribute from 1% to 50% of their target annual compensation (to a maximum eligible compensation of 100,000 dollars). Under this modified plan, the match is provided for all eligible employees and is equal to 50% of the employee’s contributions up to 5% of an employee’s annual compensation. The match is further capped by a two thousand five hundred dollar annual maximum. In the U.S., the Sun Life Financial U.S. Employee Stock Purchase Plan allows eligible employees to buy shares of SLF Inc. at a 10% discount at the end of six-month offering periods. Under this plan, employees who enroll can contribute from 1% to 10% of their base salary. At the end of each period, accumulated employee amounts are used to purchase stock, with the Company financing the 10% discount. The total annual contribution, including the company discount, is limited to U.S. twenty-five thousand dollars based on its fair market value on the offering date. We recorded an expense of $14 for the year ended December 31, 2024 (2023 — $10). 18.C Other Share-Based Payment Plans All other share-based payment plans use notional units that are valued based on the common share price on the TSX. Any fluctuation in the common share price changes the value of the units, which affects our share-based payment compensation expense. Upon redemption of these units, payments are made to the employees with a corresponding reduction in the accrued liability. We use equity swaps and forwards to hedge our exposure to variations in cash flows due to changes in the common share price for all of these plans. Details of these plans are as follows: Senior Executives’ Deferred Share Unit ("DSU") Plan: Under the DSU plan, designated executives may elect to receive all or a portion of their short-term incentive award in the form of DSUs. Each DSU is equivalent in value to one common share and earns dividend equivalents in the form of additional DSUs at the same rate as the dividends on common shares. The designated executives must elect to participate in the plan prior to the beginning of the plan year and this election is irrevocable. Awards generally vest immediately; however, participants are not permitted to redeem the DSUs until after termination, death, or retirement. The value at the time of redemption will be based on the fair value of the common shares immediately before their redemption. Sun Share Plan: Under the Sun Share plan, participants are granted units that are equivalent in value to one common share and have a grant price equal to the average of the closing price of a common share on the TSX on the five trading days immediately prior to the date of grant. Participants generally hold units for up to 36 months from the date of grant. The units earn dividend equivalents in the form of additional units at the same rate as the dividends on common shares. Under this plan, some units are performance-based that may vest or become payable if we meet specified threshold performance targets. The plan provides for performance factors to motivate participants to achieve a higher return for shareholders (performance factors are determined through a multiplier that can be as low as zero or as high as two times the number of units that vest). Payments to participants are based on the number of units vested multiplied by the average closing price of a common share on the TSX on the five trading days immediately prior to the vesting date. Additional information for other share-based payment plans: The units outstanding under these plans and the liabilities recognized for these units in our Consolidated Statements of Financial Position are summarized in the following table: Number of units (in thousands) Sun Shares DSUs Total Units outstanding December 31, 2024 5,013 684 5,697 Units outstanding December 31, 2023 4,945 618 5,563 Liability accrued as at December 31, 2024 $ 306 $ 49 $ 355 Liability accrued as at December 31, 2023 $ 233 $ 43 $ 276 Compensation expense and the Income tax expense (benefit) for other share-based payment plans for the years ended December 31 are shown in the following table. Since expenses for the DSUs are accrued as part of incentive compensation in the year awarded, the expenses below do not include these accruals. The expenses presented in the following table include increases in the liabilities for Sun Shares and DSUs due to changes in the fair value of the common shares and the accruals of the Sun Shares liabilities over the vesting period, and exclude any adjustment in expenses due to the impact of hedging. For the years ended December 31, 2024 2023 Compensation expense $ 206 $ 164 Income tax expense (benefit) $ (54) $ (43) 18.D Share-Based Payment Plans of MFS Share-based payment awards within MFS are based on their own shares. Restricted share awards are settled in MFS shares and restricted stock unit awards are settled in cash. Restricted share awards and restricted stock unit awards generally vest over a four-year period and continued employment is generally the only service requirement for these awards. Holders of restricted share awards and restricted stock unit awards are entitled to receive non-forfeitable dividend equivalent payments during the vesting period at the same rate as the dividends on MFS’s shares. Although restricted share awards are settled in shares, all of the MFS share-based awards, including outstanding MFS shares, are accounted for as cash-settled share-based payment awards due to the fact that MFS has a practice of repurchasing its outstanding shares after a specified holding period. The fair value of restricted share awards, restricted stock unit awards, and outstanding MFS shares are estimated using a market consistent share valuation model. The amount of periodic compensation expense recognized is impacted by grants of new awards, vesting, and forfeiture of unvested awards, share repurchases, changes in fair value of awards, and outstanding MFS shares. The total liability accrued attributable to all MFS share-based payment plans as at December 31, 2024 was $1,040 (December 31, 2023 — $978) which includes a liability of $827 (December 31, 2023 — $780) for the restricted shares and outstanding MFS shares. Compensation expense and the Income tax expense (benefit) for these awards for the years ended December 31 are shown in the following table: For the years ended December 31, 2024 2023 Compensation expense $ 384 $ 309 Income tax expense (benefit) $ (69) $ (59)

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2024
Income Taxes [Abstract]
Income Taxes	19. Income Taxes 19.A Deferred Income Taxes The following represents the deferred tax assets and liabilities in the Consolidated Statements of Financial Position: As at December 31, 2024 2023 Deferred tax assets (1) $ 3,910 $ 3,878 Deferred tax liabilities (1) 286 281 Net deferred tax asset $ 3,624 $ 3,597 (1) Our deferred tax assets and deferred tax liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred taxes relate to the same taxable entity and the same taxation authority. The movement in net deferred tax assets for the years ended December 31, are as follows: Investments Policy liabilities (1) Deferred Losses Pension Other (2) Total Balance, January 1, 2023 $ 516 $ 1,716 $ 84 $ 986 $ 242 $ (546) $ 2,998 Acquisitions (disposals) through business combinations 13 (9) — (42) 8 (117) (147) Charged to statement of operations (564) 849 (5) 67 49 489 885 Charged to other comprehensive income (68) (18) — (30) 38 (23) (101) Charged to equity, other than other comprehensive income 2 (56) — 6 — 24 (24) Foreign exchange rate movements and Other (1) (3) (3) (11) (10) 14 (14) Balance, December 31, 2023 $ (102) $ 2,479 $ 76 $ 976 $ 327 $ (159) $ 3,597 Acquisitions (disposals) through business combinations — — — (7) — 8 1 Charged to statement of operations (101) 193 7 (296) 11 123 (63) Charged to other comprehensive income 2 — — (31) (7) (5) (41) Charged to equity, other than other comprehensive income 84 — — 10 — — 94 Foreign exchange rate movements and Other (6) 5 6 (1) 24 8 36 Balance, December 31, 2024 $ (123) $ 2,677 $ 89 $ 651 $ 355 $ (25) $ 3,624 (1) Consists of Insurance contract assets and liabilities, Reinsurance contract held assets and liabilities, and Investment contract liabilities. (2) Includes unused tax credits. We have accumulated non-capital tax losses, primarily in Canada, Indonesia and Vietnam, totaling $3,205 (2023 — $4,388). The benefit of these tax losses has been recognized to the extent that it is probable that the benefit will be realized. In addition, in the U.S., we have net capital losses of $10 (2023 — $9) for which a deferred tax asset of $2 (2023 — $2) has been recognized. Unused tax losses for which a deferred tax asset has not been recognized amount to $629 as of December 31, 2024 (2023 — $597) primarily in Indonesia and Vietnam. We also have capital losses of $343 in Canada (2023 — $202) for which a deferred tax asset of $18 (2023 — $nil) has been recognized and a deferred tax asset of $27 (2023 — $26) has not been recognized. We will realize the benefit of tax losses carried forward in future years through a reduction in current income taxes as and when the losses are utilized. These tax losses are subject to examination by various tax authorities and could be reduced as a result of the adjustments to tax returns. Furthermore, legislative, business or other changes may limit our ability to utilize these losses. Included in the deferred tax asset related to losses available for carry forward are tax benefits that have been recognized on losses incurred in either the current or the preceding year. In determining if it is appropriate to recognize these tax benefits, we rely on projections of future taxable profits, and we also consider tax planning opportunities that will create taxable income in the period in which the unused tax losses can be utilized. The non-capital losses carried forward in Canada expire beginning in 2030 and the capital losses can be carried forward indefinitely. The non-capital losses in Indonesia and Vietnam can be carried forward five years. The capital losses in the U.S. can be carried forward five years. The global minimum tax rules apply to us effective January 1, 2024 and have been substantively enacted in several jurisdictions in which we operate, including Canada, whose Global Minimum Tax Act became enacted in June 2024. The Pillar Two legislation requires the ultimate parent entity of a group to pay top-up tax, on a jurisdiction-by-jurisdiction basis, on profits of its subsidiaries that are taxed below 15%. Our subsidiaries that are currently subject to a statutory tax rate or to a tax regime that could result in taxing profits at a rate below 15% include those in Bermuda, Hong Kong and Ireland. The Current income tax expense (benefit) for the year ended December 31, 2024 includes tax expense related to Pillar Two income taxes of $98. The IASB issued amendments to IAS 12 Income Taxes in May 2023, which provided a mandatory temporary exception to the recognition and disclosure of information about deferred taxes arising from Pillar Two, and we have applied this temporary exception. Our deferred taxes will not reflect impacts of Pillar Two while the mandatory exception is applicable. We recognize a deferred tax liability on all temporary differences associated with investments in subsidiaries, branches, joint ventures and associates unless we are able to control the timing of the reversal of these differences and it is probable that these differences will not reverse in the foreseeable future. As at December 31, 2024, temporary differences associated with investments in subsidiaries, branches, joint ventures and associates for which a deferred tax liability has not been recognized amount to $3,947 (2023 — $4,606). 19.B Income Tax Expense (Benefit) In our Consolidated Statements of Operations, Income tax expense (benefit) for the years ended December 31 has the following components: For the years ended December 31, 2024 2023 Current income tax expense (benefit): Current year $ 1,186 $ 1,187 Adjustments in respect of prior years, including resolution of tax disputes (209) 159 Total current income tax expense (benefit) 977 1,346 Deferred income tax expense (benefit): Origination and reversal of temporary differences (163) (637) Adjustments in respect of prior years, including resolution of tax disputes 203 (172) Tax expense (benefit) arising from unrecognized tax losses 23 (25) Tax rate and other legislative changes — (51) Total deferred income tax expense (benefit) 63 (885) Total income tax expense (benefit) $ 1,040 $ 461 Income tax benefit (expense) recognized directly in equity for the years ended December 31: For the years ended December 31, 2024 2023 Recognized in other comprehensive income: Current income tax benefit (expense) $ (2) $ — Deferred income tax benefit (expense) (41) (101) Total recognized in other comprehensive income (43) (101) Recognized in equity, other than other comprehensive income: Current income tax benefit (expense) (16) — Deferred income tax benefit (expense) 94 (24) Total recognized in equity, other than other comprehensive income 78 (24) Total income tax benefit (expense) recorded in equity, including tax benefit (expense) recorded in Other comprehensive income $ 35 $ (125) Our effective income tax rate differs from the combined Canadian federal and provincial statutory income tax rate as follows: For the years ended December 31, 2024 2023 % % Total net income (loss) $ 3,299 $ 3,469 Add: Income tax expense (benefit) 1,040 461 Total net income (loss) before income taxes $ 4,339 $ 3,930 Taxes at the combined Canadian federal and provincial statutory income tax rate $ 1,204 27.8 $ 1,091 27.8 Increase (decrease) in rate resulting from: Higher (lower) effective rates on income subject to taxation in foreign jurisdictions (248) (5.7) (222) (5.7) Tax-exempt or low-taxed investment (income) loss 16 0.4 (304) (7.7) Adjustments in respect of prior years, including resolution of tax disputes (6) (0.1) (13) (0.3) Tax (benefit) cost of unrecognized tax losses and tax credits 23 0.5 (25) (0.7) Tax rate and other legislative changes — — (51) (1.3) Other 51 1.1 (15) (0.4) Total tax expense (benefit) and effective income tax rate $ 1,040 24.0 $ 461 11.7 Statutory income tax rates in other jurisdictions in which we conduct business range from 0% to 25%, which creates a tax rate differential and corresponding tax provision difference compared to the Canadian federal and provincial statutory rate when applied to foreign income not subject to tax in Canada. Generally, earnings arising in tax jurisdictions with statutory rates lower than the Canadian statutory rate of 27.75% reduce our tax expense and these differences are reported in Higher (lower) effective rates on income subject to taxation in foreign jurisdictions. Tax-exempt or low-taxed investment (income) loss includes tax rate differences related to various types of investment income or losses that are taxed at rates lower than our statutory income tax rate. Examples include, but are not limited to, dividend income, capital gains arising in Canada and changes in market values including those resulting from fluctuations in foreign exchange rates. Adjustments in respect of prior periods, including the resolution of tax disputes, relate mainly to the resolution of Canadian tax matters and the finalization of the prior year’s Canadian and U.S. tax filings. In 2024, it included the finalization of the prior year's Hong Kong tax filings and an accrual relating to tax matters in the Philippines. Tax (benefit) cost of unrecognized tax losses and tax credits primarily reflects unrecognized losses in Asia. In 2023, it mainly reflected the recognition of previously unrecognized deferred tax assets in the U.S. In assessing unrecognized deferred tax assets in 2023, management had determined that it became probable that future taxable profit would allow deferred tax assets in the U.S. to be recovered. Our U.S. subsidiaries had state net operating losses and other future deductions in computing state income taxes, for which deferred tax assets had previously not been recognized. Management concluded that it would be probable that these subsidiaries, and other historically profitable subsidiaries with which it files consolidated (unitary) state income tax returns, would generate sufficient taxable profit against which the unused state losses and deductions could be utilized. The benefit would be realized in future years through a reduction in current income taxes payable. In 2023, tax rate and other legislative changes reflected a benefit relating to the recognition of a deferred tax asset in Bermuda. On December 27, 2023, Bermuda enacted a Corporate Income Tax regime which will apply a 15% income tax beginning on January 1, 2025. The enacted legislation provides an economic transition adjustment that aligns an entity's tax basis starting point more closely with its economic position prior to the application of the Corporate Income Tax, and can reduce Bermuda income taxes in the future. Other primarily reflects withholding taxes on distributions from our foreign subsidiaries, the benefit relating to investments in joint ventures in Asia, and the impact of taxable income attributable to NCI. In 2024, Other included the tax impact of a non-deductible impairment charge on an intangible asset in Vietnam.

Capital Management

Capital Management	12 Months Ended
	Dec. 31, 2024
Corporate information and statement of IFRS compliance [abstract]
Capital Management	20. Capital Management Our capital base is structured to exceed minimum regulatory and internal capital targets and maintain strong credit and financial strength ratings, while maintaining a capital efficient structure. We strive to achieve an optimal capital structure by balancing the use of debt and equity financing. Capital is managed both on a consolidated basis under the principles that consider all the risks associated with the business, as well as at the business group level under the principles appropriate to the jurisdiction in which each operates. We manage the capital for all of our international subsidiaries on a local statutory basis in a manner commensurate with their individual risk profiles. The Board of Directors of SLF Inc. is responsible for the annual review and approval of the Company’s capital plan and capital risk policy. Management oversight of our capital programs and position is provided by the Company’s Executive Risk Committee, the membership of which includes senior management from the finance, actuarial, and risk management functions. We engage in a capital planning process annually in which capital deployment options, fundraising, and dividend recommendations are presented to the Risk Committee of the Board of Directors. Capital reviews are regularly conducted which consider the potential impacts under various business, interest rate, and equity market scenarios. Relevant components of these capital reviews, including dividend recommendations, are presented to the Risk Committee on a quarterly basis. The Board of Directors is responsible for the approval of the dividend recommendations. The capital risk policy is designed to ensure that adequate capital is maintained to provide the flexibility necessary to take advantage of growth opportunities, to support the risks associated with our businesses and to optimize return to our shareholders. This policy is also intended to provide an appropriate level of risk management over capital adequacy risk, which is defined as the risk that capital is not or will not be sufficient to withstand adverse economic conditions, to maintain financial strength or to allow us and our subsidiaries to support ongoing operations and to take advantage of opportunities for expansion. SLF Inc. manages its capital in a manner commensurate with its risk profile and control environment. SLF Inc. is a non-operating insurance company and is subject to the LICAT guideline. As at December 31, 2024, SLF Inc.’s LICAT ratio exceeded the regulatory minimum target as set out by the OSFI. Sun Life Assurance, SLF Inc.’s principal operating life insurance subsidiary in Canada, is also subject to the LICAT guideline. With a LICAT ratio of 146% as at December 31, 2024, Sun Life Assurance's LICAT ratio is above OSFI's Supervisory Target Total Ratio of 100% and minimum Total Ratio of 90%. OSFI may intervene and assume control of a Canadian life insurance company if it deems the amount of available capital insufficient. Capital requirements may be adjusted by OSFI in the future, as experience develops or the risk profile of Canadian life insurers changes or to reflect other risks. Sun Life Assurance exceeded levels that would require regulatory or corrective action as at December 31, 2024 and December 31, 2023. The Company’s regulated subsidiaries must comply with the capital adequacy requirements imposed in the jurisdictions in which they operate. In certain jurisdictions, the payment of dividends from our subsidiaries is subject to maintaining capital levels exceeding regulatory targets and/or receiving regulatory approval. We maintained capital levels above minimum local requirements as at December 31, 2024 and December 31, 2023. In the U.S., Sun Life Assurance operates through a branch which is subject to U.S. regulatory supervision, and it exceeded the levels under which regulatory action would be required as at December 31, 2024 and December 31, 2023. In the U.S., we use captive reinsurance arrangements to provide efficient financing of U.S. statutory reserve requirements in excess of those required under IFRS. Under two such arrangements, the funding of these reserve requirements is supported by a guarantee from SLF Inc. Our capital base presented in the table below consists mainly of common shareholders’ equity, preferred shares and other equity instruments, equity in the participating account, non-controlling interests’ equity, CSM, and certain other capital securities that qualify as regulatory capital. As at December 31, 2024 2023 Subordinated debt $ 6,179 $ 6,178 Innovative capital instruments (1) 200 200 Equity: Preferred shares and other equity instruments 2,239 2,239 Common shareholders’ equity (2) 23,318 21,343 Equity in the participating account 496 457 Non-controlling interests’ equity 76 161 Contractual Service Margin 13,366 11,786 Total capital (3) $ 45,874 $ 42,364 (1) Innovative capital instruments are SLEECS issued by SLCT I (Note 12). SLCT I is not consolidated by us. (2) Common shareholders' equity is equal to Total shareholders' equity less Preferred shares and other equity instruments. (3) For regulatory reporting purposes under the LICAT framework, there were further adjustments, including goodwill, non-life investments, and others as prescribed by OSFI, to the total capital figure presented in the table above.

Segregated Funds

Segregated Funds	12 Months Ended
	Dec. 31, 2024
Separate Accounts Disclosure 1 [Abstract]
Segregated Funds	21. Segregated Funds We have segregated fund products, including variable annuities, unit-linked products and variable universal life insurance policies, in Canada, the U.S., the UK, and Asia. Effective the second quarter of 2023, we completed the sale of our UK business unit. See Note 3. Under these contracts, the benefit amount is contractually linked to the fair value of the investments in the particular segregated fund. Policyholders can select from a variety of categories of segregated fund investments. Although the underlying assets are registered in our name and the segregated fund contract holder has no direct access to the specific assets, the contractual arrangements are such that the segregated fund policyholder bears the risk and rewards of the funds’ investment performance. Therefore, net realized gains and losses and other net investment income earned on the segregated funds are attributable to policyholders and not to us. However, certain contracts include guarantees from us. We are exposed to equity market risk and interest rate risk and sometimes insurance risk as a result of these guarantees. Further details on these guarantees and our risk management activities related to these guarantees are included in Notes 6 and 7. Segregated fund contracts are classified as insurance contracts or investment contracts depending on whether there is significant insurance risk in the guarantees we provide. Segregated funds that are classified as insurance contracts are insurance contracts with direct participation features, and therefore measured using the VFA. We derive fee income from segregated funds. Market value movements in the investments held for segregated fund holders impact the management fees earned on these funds. Fees from segregated fund contracts that are classified as investment contracts are reported as Fee Income on the Consolidated Statements of Operations. Fees from segregated fund contracts that are classified as insurance contracts are reflected in the measurement of CSM of those contracts, which is reported as revenue as insurance contract services are provided. The segregated fund types offered, by percentage of total investments for account of segregated fund holders, were within the following ranges as at December 31, 2024 and December 31, 2023: Type of fund % Money market 1 to 5 Fixed income 5 to 10 Balanced 40 to 45 Equity 45 to 50 Money market funds include investments that have a term to maturity of less than one year. Fixed income funds are funds that invest primarily in investment grade fixed income securities and where less than 25% can be invested in diversified equities or high-yield bonds. Balanced funds are a combination of fixed income securities with a larger equity component. The fixed income component is greater than 25% of the portfolio. Equity consists primarily of broad-based diversified funds that invest in a well-diversified mix of Canadian, U.S. or global equities. Other funds in this category include low volatility funds, intermediate volatility funds, and high volatility funds. 21.A Segregated Funds Classified as Investment Contracts 21.A.i Investments for Account of Segregated Fund Holders — Investment Contracts The carrying value of investments for account of segregated fund holders for contracts classified as investment contracts are as follows: As at December 31, 2024 2023 Segregated and mutual fund units $ 126,867 $ 107,239 Equity securities 1,049 1,280 Debt securities 773 862 Cash, cash equivalents and short-term securities 3 4 Other (3) 26 Total investments for account of segregated fund holders $ 128,689 $ 109,411 21.A.ii Changes in Account of Segregated Fund Holders — Investment Contracts For the years ended and as at December 31, 2024 2023 Balance, beginning of year $ 109,411 $ 102,153 Additions to segregated funds: Deposits 12,922 11,510 Net realized and unrealized gains (losses) 11,412 3,995 Other investment income 7,487 7,854 Total additions 31,821 23,359 Deductions from segregated funds: Payments to policyholders and their beneficiaries 11,718 10,793 Management fees 784 687 Taxes and other expenses 49 49 Foreign exchange rate movements (8) (76) Total deductions 12,543 11,453 Net additions (deductions) 19,278 11,906 Dispositions (Note 3) — (4,648) Balance, end of year $ 128,689 $ 109,411 21.B Segregated Funds Classified as Insurance Contracts 21.B.i Investments for Account of Segregated Fund Holders — Insurance Contracts The carrying value of investments for account of segregated fund holders for contracts classified as insurance contracts, which are the underlying items for the insurance contracts, are as follows: As at December 31, 2024 2023 Segregated and mutual fund units $ 15,084 $ 14,240 Equity securities 3,113 2,908 Debt securities 1,607 1,427 Cash, cash equivalents and short-term securities 394 483 Mortgages 7 16 Other assets 52 45 Total assets 20,257 19,119 Less: Liabilities arising from investing activities 160 78 Total investments for account of segregated fund holders $ 20,097 $ 19,041 21.B.ii Changes in Account of Segregated Fund Holders — Insurance Contracts Changes by Measurement Component The following reconciliations illustrate the insurance contract liabilities for account of segregated fund holders by measurement component. For insurance contract liabilities for account of segregated fund holders, the entire amount is included in the present value of estimates of future cash flows. Reconciliations for the net liabilities of segregated fund insurance contracts that are not backed by investments for account of segregated fund holders are included as part of the insurance contract liabilities in Note 10.B.i. For the years ended and as at December 31, 2024 2023 Balance, beginning of year $ 19,041 $ 23,139 Insurance finance (income) expenses 2,316 1,793 Foreign currency translation 388 (201) Cash flows: Premiums received 2,016 1,969 Amounts paid to policyholders and other insurance service expenses paid (2,814) (2,583) Management fees, taxes and other expenses (850) (822) Total cash flows (1,648) (1,436) Dispositions (Note 3) — (4,254) Balance, end of year $ 20,097 $ 19,041 Changes by Remaining Coverage and Incurred Claims The following tables show the changes in the liabilities for insurance contracts for account of segregated fund holders by LRC and LIC. Reconciliations for the remainder of liabilities for segregated funds that are classified as insurance contracts are in Note 10.B.i. For the years ended and as at December 31, 2024 2023 Net liabilities for remaining coverage: Balances, beginning of year $ 19,041 $ 23,139 Insurance finance (income) expenses 2,316 1,793 Foreign currency translation 388 (201) Total changes 2,704 1,592 Cash flows: Premiums received 2,016 1,969 Management fees, taxes and other expenses (850) (822) Total cash flows 1,166 1,147 Expected investment component excluded from insurance revenue (2,814) (2,583) Dispositions (Note 3) — (4,254) Balances, liability for remaining coverage, end of year $ 20,097 $ 19,041 Liability for incurred claims: Balances, beginning of year $ — $ — Cash flows: Amounts paid to policyholders and other insurance service expenses paid (2,814) (2,583) Total cash flows (2,814) (2,583) Actual investment component excluded from insurance service expense 2,814 2,583 Balances, liability for incurred claims, end of year $ — $ — Total net insurance contract liability: Balances, beginning of year $ 19,041 $ 23,139 Insurance finance (income) expenses 2,316 1,793 Foreign currency translation 388 (201) Total changes 2,704 1,592 Cash flows: Premiums received 2,016 1,969 Amounts paid to policyholders and other insurance service expenses paid (2,814) (2,583) Management fees, taxes and other expenses (850) (822) Total cash flows (1,648) (1,436) Dispositions (Note 3) — (4,254) Balances, total net insurance contract liability, end of year $ 20,097 $ 19,041

Commitments, Guarantees and Con

Commitments, Guarantees and Contingencies	12 Months Ended
	Dec. 31, 2024
Other Provisions, Contingent Liabilities And Contingent Assets [Abstract]
Commitments, Guarantees and Contingencies	22. Commitments, Guarantees and Contingencies 22.A Lease Commitments We lease offices and certain equipment. These are leases with rents charged to operations in the year to which they relate. Total future rental payments for the remainder of these leases and the payments by year are included in Note 6.C.ii. 22.B Contractual Commitments In the normal course of business, various contractual commitments are outstanding, which are not reflected in our Consolidated Financial Statements. In addition to loan commitments for debt securities and mortgages included in Note 6.A.i, we have equity, investment property, and property and equipment commitments. The contractual commitments outstanding as at December 31 and the expected maturities of these commitments are included in Note 6.C.ii. 22.C Letters of Credit We issue commercial letters of credit in the normal course of business. As at December 31, 2024, we had credit facilities of $1,077 available for the issuance of letters of credit (December 31, 2023 — $874), from which a total of $120 in letters of credit were outstanding (December 31, 2023 — $113). 22.D Commissions on Release Commissions on Release ("CORe") is a program designed to facilitate the transfer of the right to service Clients between advisors in order to provide ongoing service and advice to our Clients. We facilitate and administer these transactions including payment and collection streams. Under the CORe program, when an eligible advisor releases Clients they are servicing, we are contractually obligated to pay them the associated CORe value, based on a specified formula as stipulated in the advisor contract. The value of the CORe commitment will vary for Clients which have not been released by an active advisor. The occurrence of future events that will trigger an advisor to release their right to service Clients and the value of the related CORe commitment at that future release date is difficult to predict. As a result of uncertainty in the timing of the triggering event, we cannot reliably estimate our commitment under the CORe program. Due to the nature of the program, in the normal course of business, the commitment related to the future payment to advisors on release of their right to service Clients would be expected to be matched or partially matched by a corresponding amount related to the receivable on the assignment of the right to service the Client by the new advisors, resulting in an immaterial impact to earnings and liquidity in any reporting period. 22.E Indemnities and Guarantees In the normal course of our business, we have entered into agreements that include indemnities in favour of third parties, such as confidentiality agreements, engagement letters with advisors and consultants, outsourcing agreements, leasing contracts, trade-mark licensing agreements, underwriting and agency agreements, information technology agreements, distribution agreements, financing agreements, the sale of equity interests, and service agreements. These agreements may require us to compensate the counterparties for damages, losses or costs incurred by the counterparties as a result of breaches in representation, changes in regulations (including tax matters), or as a result of litigation claims or statutory sanctions that may be suffered by the counterparty as a consequence of the transaction. We have also agreed to indemnify our directors and certain of our officers and employees in accordance with our by-laws. These indemnification provisions will vary based upon the nature and terms of the agreements. In many cases, these indemnification provisions do not contain limits on our liability, and the occurrence of contingent events that will trigger payment under these indemnities is difficult to predict. As a result, we cannot estimate our potential liability under these indemnities. We believe that the likelihood of conditions arising that would trigger these indemnities is remote and, historically, we have not made any significant payment under such indemnification provisions. In certain cases, we have recourse against third parties with respect to the aforesaid indemnities, and we also maintain insurance policies that may provide coverage against certain of these claims. In the normal course of our business, we have entered into purchase and sale agreements that include indemnities in favour of third parties. These agreements may require us to compensate the counterparties for damages, losses, or costs incurred by the counterparties as a result of breaches in representation. As at December 31, 2024, we are not aware of any breaches in representations that would result in any payment required under these indemnities that would have a material impact on our Consolidated Financial Statements. Guarantees made by us that can be quantified are included in Note 6.A.i. 22.F Guarantees of Sun Life Assurance Preferred Shares and Subordinated Debentures SLF Inc. has provided a guarantee on the $150 of 6.30% subordinated debentures due 2028 issued by Sun Life Assurance. Claims under this guarantee will rank equally with all other subordinated indebtedness of SLF Inc. SLF Inc. has also provided a subordinated guarantee of preferred shares issued from time to time by Sun Life Assurance, other than such preferred shares which are held by SLF Inc. and its affiliates. Sun Life Assurance has no outstanding preferred shares subject to the guarantee. As a result of these guarantees, Sun Life Assurance is entitled to rely on exemptive relief from most continuous disclosure and the certification requirements of Canadian securities laws. The following tables set forth certain consolidating summary financial information for SLF Inc. and Sun Life Assurance (consolidated): For the years ended SLF Inc.(unconsolidated) Sun Life Other Consolidation SLF Inc. December 31, 2024 Insurance revenue $ — $ 19,389 $ 4,841 $ (1,593) $ 22,637 Net investment income (loss) excluding result for segregated fund holders 305 7,138 242 (270) 7,415 Fee income 1 1,992 7,128 (540) 8,581 Other income — — 163 — 163 Total revenue $ 306 $ 28,519 $ 12,374 $ (2,403) $ 38,796 Shareholders’ net income (loss) $ 3,128 $ 1,501 $ 1,675 $ (3,175) $ 3,129 December 31, 2023 Insurance revenue $ — $ 17,844 $ 5,055 $ (1,543) $ 21,356 Net investment income (loss) excluding result for segregated fund holders 466 11,176 903 (959) 11,586 Fee income 1 1,687 6,647 (503) 7,832 Other income — 169 — — 169 Total revenue $ 467 $ 30,876 $ 12,605 $ (3,005) $ 40,943 Shareholders’ net income (loss) $ 3,165 $ 1,908 $ 1,084 $ (2,992) $ 3,165 Assets and liabilities as at SLF Inc.(unconsolidated) Sun Life Other Consolidation SLF Inc. December 31, 2024 Invested assets $ 28,494 $ 175,508 $ 12,449 $ (26,634) $ 189,817 Reinsurance contract held assets $ — $ 6,353 $ — $ (35) $ 6,318 Insurance contract assets $ — $ 227 $ 1,583 $ (1,455) $ 355 Total other general fund assets $ 4,639 $ 13,979 $ 10,299 $ (3,472) $ 25,445 Investments for account of segregated fund holders $ — $ 148,720 $ 66 $ — $ 148,786 Insurance contract liabilities excluding those for account of segregated fund holders $ — $ 147,196 $ 108 $ (35) $ 147,269 Reinsurance contract held liabilities $ — $ 3,281 $ — $ (1,456) $ 1,825 Investment contract liabilities $ — $ 11,677 $ 1 $ — $ 11,678 Total other general fund liabilities $ 7,576 $ 16,191 $ 15,589 $ (4,322) $ 35,034 Insurance contract liabilities for account of segregated fund holders $ — $ 20,031 $ 66 $ — $ 20,097 Investment contract liabilities for account of segregated fund holders $ — $ 128,689 $ — $ — $ 128,689 December 31, 2023 Invested assets $ 26,239 $ 164,557 $ 13,913 $ (30,381) $ 174,328 Reinsurance contract held assets $ — $ 5,858 $ 3 $ (67) $ 5,794 Insurance contract assets $ — $ 184 $ 637 $ (637) $ 184 Total other general fund assets $ 4,547 $ 13,302 $ 9,805 $ (3,171) $ 24,483 Investments for account of segregated fund holders $ — $ 128,396 $ 56 $ — $ 128,452 Insurance contract liabilities excluding those for account of segregated fund holders $ — $ 135,445 $ 291 $ (67) $ 135,669 Reinsurance contract held liabilities $ — $ 2,260 $ — $ (637) $ 1,623 Investment contract liabilities $ — $ 11,672 $ — $ — $ 11,672 Total other general fund liabilities $ 7,300 $ 15,041 $ 14,880 $ (5,596) $ 31,625 Insurance contract liabilities for account of segregated fund holders $ — $ 18,985 $ 56 $ — $ 19,041 Investment contract liabilities for account of segregated fund holders $ — $ 109,411 $ — $ — $ 109,411 22.G Legal and Regulatory Proceedings We are regularly involved in legal actions, both as a defendant and as a plaintiff. Legal actions naming us as a defendant ordinarily involve our activities as a provider of insurance protection and wealth management products, as an investor and investment advisor, and as an employer. In addition, government and regulatory bodies in Canada, the U.S., the UK, and Asia, including federal, provincial, and state securities and insurance regulators, tax authorities, and other government authorities, from time to time, make inquiries and require the production of information or conduct examinations or investigations concerning our compliance with tax, insurance, securities, and other laws. Provisions for legal proceedings related to insurance contracts, such as for disability and life insurance claims and the cost of litigation, are included in Insurance contract liabilities in our Consolidated Statements of Financial Position. Other provisions are established outside of the Insurance contract liabilities if, in the opinion of management, it is both probable that a payment will be required and a reliable estimate can be made of the amount of the obligation. Management reviews the status of all proceedings on an ongoing basis and exercises judgment in resolving them in such manner as management believes to be in our best interest. Two class action lawsuits have been filed against Sun Life Assurance in connection with sales practices relating to, and the administration of, individual policies issued by the Metropolitan Life Insurance Company ("MLIC"). These policies were assumed by Clarica when Clarica acquired the bulk of MLIC’s Canadian operations in 1998 and subsequently assumed by Sun Life Assurance as a result of its amalgamation with Clarica. One of the lawsuits ( Fehr et al v Sun Life Assurance Company of Canada ) is issued in Ontario and the other ( Alamwala v Sun Life Assurance Company of Canada ) is in British Columbia. The Fehr action has been certified as a class action and notice has been made to class members. Sun Life Assurance has brought a motion for summary judgment seeking to dismiss all of the claims. The other action ( Alamwala v Sun Life Assurance Company of Canada ) has remained largely dormant since it was commenced in 2011 and has not been certified. We will continue to vigorously defend against the claims in these actions. In connection with the acquisition of the Canadian operations of MLIC, MLIC agreed to indemnify Clarica for certain losses, including those incurred relating to the sales of its policies. Should either of the Fehr or the Alamwala lawsuits result in a loss, Sun Life Assurance will seek recourse against MLIC under that indemnity through arbitration. An Ontario class action lawsuit has been certified against Sun Life Assurance regarding the administration of disability benefits under the Government of Canada employee benefits plan ( Belec v Sun Life Assurance Company of Canada ). Notice of the class action has been sent to potential class members. The Company has substantive defences to the claims and is defending this lawsuit. Management does not believe that the probable conclusion of any current legal, regulatory or tax matter, either individually or in the aggregate, will have a material adverse effect on the Consolidated Statements of Financial Position or the Consolidated Statements of Operations.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2024
Related Party [Abstract]
Related Party Transactions	23. Related Party Transactions SLF Inc. and its subsidiaries, joint ventures and associates transact business worldwide. All transactions between SLF Inc. and its subsidiaries have been eliminated on consolidation. Transactions with joint ventures and associates, which are also related parties, are disclosed in Note 15. Transactions between the Company and related parties are executed and priced on an arm’s-length basis in a manner similar to transactions with third parties. 23.A Transactions with Key Management Personnel, Remuneration and Other Compensation Key management personnel refers to the executive team and Board of Directors of SLF Inc. These individuals have the authority and responsibility for planning, directing, and controlling the activities of the Company. The aggregate compensation to the executive team and directors are as follows: For the years ended December 31, 2024 2023 Executive team Directors Executive team Directors Number of individuals 14 13 12 11 Base salary and annual incentive compensation $ 24 $ — $ 26 $ — Additional short-term benefits and other $ 1 $ — $ 1 $ — Share-based long-term incentive compensation $ 47 $ 4 $ 28 $ 4 Value of pension and post-retirement benefits $ 2 $ — $ 2 $ — Severance $ 5 $ — $ — $ — 23.B Other Related Party Transactions We provide investment management services for our pension plans. The services are provided on substantially the same terms as for comparable transactions with third parties. We also hold units of investment funds managed by certain of our joint ventures. The carrying amount of our investment in these funds is included in Note 15.D.

Pension Plans and Other Post-Re

Pension Plans and Other Post-Retirement Benefits	12 Months Ended
	Dec. 31, 2024
Employee Benefits [Abstract]
Pension Plans and Other Post-Retirement Benefits	24. Pension Plans and Other Post-Retirement Benefits We sponsor defined benefit pension plans and defined contribution plans for eligible employees. All of our significant defined benefit plans worldwide are closed to new entrants with new hires participating in defined contribution plans. Significant defined benefit plans are located in Canada and the U.S. The defined benefit pension plans offer benefits based on length of service and final average earnings and certain plans offer some indexation of benefits. The specific features of these plans vary in accordance with the employee group and countries in which employees are located. In addition, we maintain supplementary non-contributory defined benefit pension arrangements for eligible employees, which are primarily for benefits which are in excess of local tax limits. As of December 31, 2014, there are no active members in the U.S. defined benefit plans continuing to accrue future service benefits. On January 1, 2009, the Canadian defined benefit plans were closed to new employees. In 2023, all assets and liabilities associated with the UK pension plans were transferred to the buyer as part of the sale of Sun Life's UK business. Canadian employees hired before January 1, 2009 continue to earn future service benefits in the previous plans, which includes both defined benefit and defined contribution components, while new hires since then are eligible to join a defined contribution plan. In addition, one small defined benefit plan in the Philippines remains open to new hires. Our funding policy for defined benefit pension plans is to make at least the minimum annual contributions required by regulations in the countries in which the plans are offered. The defined benefit pension arrangements are governed by local pension committees. Significant plan changes require the approval of the Board of Directors of the sponsoring subsidiary of SLF Inc. We also established defined contribution plans for eligible employees. Our contributions to these defined contribution pension plans may be subject to certain vesting requirements. Generally, our contributions are a set percentage of employees’ annual income and may be a set percentage of employee contributions, up to specified levels. In addition to our pension plans, in Canada and the U.S., we provide certain post-retirement health care and life insurance benefits to eligible employees and to their dependents upon meeting certain requirements. Eligible retirees may be required to pay a portion of the premiums for these benefits and, in general, deductible amounts and co-insurance percentages apply to benefit payments. These post-retirement benefits are not pre-funded. In Canada, certain post-retirement health care and life insurance benefits are provided for eligible employees who retired before December 31, 2015. Eligible employees in Canada who retire after December 31, 2015 will have access to voluntary retiree-paid health care coverage. In the U.S., certain post-retirement health care and life insurance benefits are provided to eligible retirees. In the U.S., employees who were not age 50 with 10 years of service as of December 31, 2015 only have access to subsidized retiree health care coverage until eligible for Medicare. Eligible existing and future retirees and covered dependents eligible for Medicare receive an annual contribution to a health reimbursement account to be applied against individual coverage and other eligible expenses. 24.A Risks Associated with Employee Defined Benefit Plans With the closure of the significant defined benefit pension and retiree benefit plans to new entrants, the volatility associated with future service accruals for active members has been limited and will decline over time. The major risks remaining in relation to past service obligations are increases in liabilities due to a decline in discount rates, greater life expectancy than assumed and adverse asset returns. We have significantly de-risked the investments of our significant defined benefit pension plans Company-wide by shifting the pension asset mix away from equities and into more fixed income and liability-matching investments. In 2023, all assets and liabilities associated with the UK pension plans were transferred to the buyer as part of the sale of Sun Life's UK business. The target for our significant funded defined benefit pension plans is to minimize volatility in funded status arising from changes in discount rates and exposure to equity markets. 24.B Defined Benefit Pension and Other Post-Retirement Benefit Plans The following tables set forth the status of the defined benefit pension and other post-retirement benefit plans: 2024 2023 Pension Other post-retirement Total Pension Other post-retirement Total Change in defined benefit obligations: Defined benefit obligation, January 1 $ 2,483 $ 215 $ 2,698 $ 2,763 $ 206 $ 2,969 Current service cost 35 8 43 32 6 38 Interest cost 116 11 127 121 11 132 Actuarial losses (gains) (35) (4) (39) 187 8 195 Benefits paid (134) (14) (148) (138) (15) (153) Divestiture — — — (483) — (483) Foreign exchange rate movements 34 5 39 1 (1) — Defined benefit obligation, December 31 $ 2,499 $ 221 $ 2,720 $ 2,483 $ 215 $ 2,698 Change in plan assets: Fair value of plan assets, January 1 $ 2,393 $ — $ 2,393 $ 2,799 $ — $ 2,799 Administrative expense (1) — (1) (1) — (1) Interest income on plan assets 114 — 114 125 — 125 Return on plan assets (excluding amounts included in net interest expense) (13) — (13) 48 — 48 Employer contributions 34 14 48 69 15 84 Benefits paid (134) (14) (148) (138) (15) (153) Divestiture — — — (510) — (510) Foreign exchange rate movements 34 — 34 1 — 1 Fair value of plan assets, December 31 $ 2,427 $ — $ 2,427 $ 2,393 $ — $ 2,393 Amounts recognized on Statement of Financial Position: Fair value of plan assets $ 2,427 $ — $ 2,427 $ 2,393 $ — $ 2,393 Defined benefit (obligation) (2,499) (221) (2,720) (2,483) (215) (2,698) Net recognized (liability) asset, December 31 $ (72) $ (221) $ (293) $ (90) $ (215) $ (305) Components of net benefit expense recognized: Current service cost $ 35 $ 8 $ 43 $ 32 $ 6 $ 38 Administrative expense 1 — 1 1 — 1 Net interest expense (income) 2 11 13 (4) 11 7 Other long-term employee benefit losses (gains) — 5 5 — 3 3 Net benefit expense $ 38 $ 24 $ 62 $ 29 $ 20 $ 49 Remeasurement of net recognized (liability) asset: Return on plan assets (excluding amounts included in net interest expense) $ (13) $ — $ (13) $ 48 $ — $ 48 Actuarial gains (losses) arising from changes in demographic assumptions — — — (4) — (4) Actuarial gains (losses) arising from changes in financial assumptions 36 2 38 (131) (7) (138) Actuarial gains (losses) arising from experience adjustments (1) 7 6 (52) 2 (50) Foreign exchange rate movements — (5) (5) — 1 1 Components of defined benefit costs recognized in Other comprehensive income (loss) $ 22 $ 4 $ 26 $ (139) $ (4) $ (143) 24.C Principal Assumptions for Significant Plans 2024 2023 Canada % U.S. % Canada % UK % (1) U.S. % To determine defined benefit obligation at end of year: Discount rate for pension plans 4.70 5.70 4.60 n/a 5.35 Rate of compensation increase 2.80 n/a 2.70 n/a n/a Pension increases 0.00-0.20 n/a 0.00-0.20 n/a n/a To determine net benefit expense for year: Discount rate for pension plans 4.60 5.35 5.00 4.75 5.55 Rate of compensation increase 2.70 n/a 2.75 n/a n/a Pension increases 0.00-0.20 n/a 0.00-0.05 3.05 n/a Health care trend rates: Initial health care trend rate 5.02 7.00 5.08 n/a 6.75 Ultimate health care trend rate 4.00 5.00 4.00 n/a 5.00 Year ultimate health care trend rate reached 2040 2033 2040 n/a 2031 2024 2023 Canada U.S. Canada UK (1) U.S. Mortality rates: Life expectancy (in years) for individuals currently at age 65: Male 24 22 24 n/a 22 Female 25 23 25 n/a 23 Life expectancy (in years) at 65 for individuals currently at age 45: Male 25 23 25 n/a 23 Female 26 25 26 n/a 25 Average duration (in years) of pension obligation 13.6 9.6 13.8 n/a 9.8 (1) In 2023, all assets and liabilities associated with the UK pension plans were transferred to the buyer as part of the sale of Sun Life's UK business. Discount Rate, Rate of Compensation Increase and Health Care Cost The major economic assumptions which are used in determining the actuarial present value of the accrued benefit obligations vary by country. The discount rate assumption used for significant plans is determined by reference to the market yields, as of December 31, of high-quality corporate bonds that have terms to maturity approximating the terms of the related obligation. In countries where a deep corporate market does not exist, government bonds are used. Compensation and health care trend assumptions are based on expected long-term trend assumptions which may differ from actual results. 24.D Sensitivity of Key Assumptions The following table provides the potential impact of changes in key assumptions on the defined benefit obligation for pension and other post-retirement benefit plans as at December 31, 2024. These sensitivities are hypothetical and should be used with caution. The impact of changes in each key assumption may result in greater than proportional changes in sensitivities. Pension Post-retirement Interest/discount rate sensitivity: (1) 1% decrease $ 360 $ 20 1% increase $ (286) $ (18) Rate of compensation increase assumption: 1% decrease $ (45) n/a 1% increase $ 51 n/a Health care trend rate assumption: 1% decrease n/a $ (9) 1% increase n/a $ 10 Mortality rates: (2) 10% decrease $ 52 $ 2 (1) Represents a parallel shift in interest rates across the entire yield curve, resulting in a change in the discount rate assumption. (2) Represents 10% decrease in mortality rates at each age. 24.E Fair Value of Plan Assets The composition of fair value of plan assets is as follows: As at December 31, 2024 2023 Equity investments 4 % 4 % Fixed income investments 76 % 77 % Real estate investments 12 % 12 % Other 8 % 7 % Total composition of fair value of plan assets 100 % 100 % The fair value of our equity investments in 2024 and 2023 are consistent with Level 1 or Level 2 fair value hierarchy. In 2024, 3% of our fixed income investments (2023 — 4%) are determined based on valuation techniques consistent with Level 1 of the fair value hierarchy. The assets of the defined benefit pension plans are primarily held in trust for plan members and are managed within the provisions of each plan’s investment policies and procedures. Diversification of the investments is used to limit credit, market, and foreign currency risks. We have significantly de-risked the investments of our significant defined benefit pension plans by shifting the pension asset mix away from equities and into more fixed income and liability-matching investments. The long-term investment objectives of the defined benefit pension plans are to equal or exceed the rate of growth of the liabilities. Over shorter periods, the objective of the defined benefit pension plan investment strategy is to minimize volatility in the funded status. Liquidity is managed with consideration to the cash flow requirements of the liabilities. 24.F Future Cash Flows The following tables set forth the expected contributions and expected future benefit payments of the defined benefit pension and other post-retirement benefit plans: Pension Post-retirement Total Expected contributions for the next 12 months $ 38 $ 18 $ 56 Expected Future Benefit Payments 2025 2026 2027 2028 2029 2030 to 2034 Pension $ 135 $ 140 $ 145 $ 151 $ 150 $ 806 Post-retirement 18 19 19 20 21 114 Total $ 153 $ 159 $ 164 $ 171 $ 171 $ 920 24.G Defined Contribution Plans

Earnings (Loss) Per Share

Earnings (Loss) Per Share	12 Months Ended
	Dec. 31, 2024
Earnings per share [abstract]
Earnings (Loss) Per Share	25. Earnings (Loss) Per Share Details of the calculation of the net income (loss) and the weighted average number of shares used in the EPS computations are as follows: For the years ended December 31, 2024 2023 Common shareholders’ net income (loss) for basic earnings per share $ 3,049 $ 3,086 Add: Increase in income due to convertible instruments (1) 10 10 Common shareholders’ net income (loss) on a diluted basis $ 3,059 $ 3,096 Weighted average number of common shares outstanding for basic earnings per share (in millions) 579 586 Add: Dilutive impact of stock options (2) (in millions) — — Dilutive impact of convertible instruments (1) (in millions) 3 3 Weighted average number of common shares outstanding on a diluted basis (in millions) 582 589 Basic earnings (loss) per share $ 5.27 $ 5.27 Diluted earnings (loss) per share $ 5.26 $ 5.26 (1) The convertible instruments are the SLEECS B issued by SLCT I. (2) Excludes the impact of 1 million stock options for the year ended December 31, 2024 (December 31, 2023 — 2 million) because these stock options were anti-dilutive for the period.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	12 Months Ended
	Dec. 31, 2024
Analysis Of Other Comprehensive Income By Item [Abstract]
Accumulated Other Comprehensive Income (Loss)	The following table provides a reconciliation by risk category of the accumulated other comprehensive income and analysis of OCI items resulting from hedge accounting: For the years ended December 31, 2024 2023 Cash flow hedges: Balance, beginning of year $ (1) $ (18) Effective portion of changes in fair value: Foreign currency risk (1) 69 (17) Equity price risk 57 7 Net amount reclassified to income (loss): Foreign currency risk (1) (76) 37 Equity price risk (41) (3) Related tax (4) (7) Balance, end of year $ 4 $ (1) (1) Cross-currency swap may be used to hedge foreign exchange risk, or a combination of interest rate risk and foreign exchange risk in a single hedge relationship. Cross-currency swaps in both type of hedge relationships are disclosed in the above risk category (foreign exchange risk). 26. Accumulated Other Comprehensive Income (Loss) Changes in accumulated other comprehensive income (loss), net of taxes, are as follows: For the years ended December 31, 2024 2023 Balance, beginning of year Other Balance, end of year Balance, beginning of year Other Other Balance, end of year Items that may be reclassified subsequently to income: Unrealized foreign currency translation gains (losses), net of hedging activities $ 1,350 $ 1,346 $ 2,696 $ 1,689 $ (339) $ — $ 1,350 Unrealized gains (losses) on FVOCI assets (354) 104 (250) (839) 485 — (354) Unrealized gains (losses) on cash flow hedges (1) 5 4 (18) 17 — (1) Share of other comprehensive income (loss) in joint ventures and associates (151) 201 50 (107) (44) — (151) Items that will not be reclassified subsequently to income: Remeasurement of defined benefit plans (217) 19 (198) (149) (105) 37 (1) (217) Share of other comprehensive income (loss) in joint ventures and associates 2 (7) (5) (5) 7 — 2 Revaluation surplus on transfers to investment properties 143 1 144 143 — — 143 Total $ 772 $ 1,669 $ 2,441 $ 714 $ 21 $ 37 $ 772 Total attributable to: Participating account $ 6 $ (3) $ 3 $ (3) $ 9 $ — $ 6 Non-controlling interests 1 10 11 4 (3) — 1 Shareholders 765 1,662 2,427 713 15 37 765 Total $ 772 $ 1,669 $ 2,441 $ 714 $ 21 $ 37 $ 772 (1) During 2023, the Company transferred cumulative remeasurement losses of $37 from Accumulated other comprehensive income (loss) to Retained earnings due to the sale of Sun Life UK.

Material Accounting Policies (P

Material Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2024
Corporate information and statement of IFRS compliance [abstract]
Description of Business	Description of Business Sun Life Financial Inc. ("SLF Inc.") is a publicly traded company domiciled in Canada and is the holding company of Sun Life Assurance Company of Canada ("Sun Life Assurance"). Both companies are incorporated under the Insurance Companies Act (Canada), and are regulated by the Office of the Superintendent of Financial Institutions, Canada ("OSFI"). SLF Inc. and its subsidiaries are collectively referred to as "us", "our", "ours", "we", or "the Company". We are a leading international financial services organization providing asset management, wealth, insurance and health solutions to individual and institutional Clients. We have operations in a number of markets worldwide including, Canada, the United States ("U.S."), the United Kingdom ("UK"), Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia, and Bermuda. Effective the second quarter of 2023, we completed the sale of our UK business unit.
Statement of Compliance	Statement of Compliance We prepared our Consolidated Financial Statements in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"). Our accounting policies have been applied consistently within our Consolidated Financial Statements.
Basis of Presentation	Basis of Presentation Our Consolidated Statements of Financial Position are presented in the order of liquidity and each statement of financial position line item includes both current and non-current balances, as applicable. We have defined our reportable business segments and the amou nts disclosed for those segments based on our management structure and the manner in which our internal financial reporting is conducted. The material accounting policies used in the preparation of our Consolidated Financial Statements are summarized below and are applied consistently.
Estimates, Assumptions and Judgments	Estimates, Assumptions and Judgments The application of our accounting policies requires estimates, assumptions and judgments as they relate to matters that are inherently uncertain. We have established procedures to ensure that our accounting policies are applied consistently and that the processes for changing methodologies for determining estimates are controlled and occur in an appropriate and systematic manner. Use of Estimates and Assumptions The preparation of our Consolidated Financial Statements requires us to make estimates and assumptions that affect the application of our policies and the reported amounts of assets, liabilities, revenue and expenses. Key sources of estimation uncertainty include the measurement of insurance contract assets and liabilities, reinsurance contract held assets and liabilities and investment contract liabilities, determination of fair value, determination and impairment of goodwill and intangible assets, determination of provisions and liabilities for pension plans, other post-retirement benefits, income taxes, and the determination of fair value of share-based payments. Actual results may differ from our estimates thereby impacting our Consolidated Financial Statements. Information on our use of estimates and assumptions is discussed in this Note and other Notes. Judgments In preparation of these Consolidated Financial Statements, we use judgments to select assumptions and determine estimates as described above. We also use judgment when applying accounting policies and when determining the classification of insurance contracts, investment contracts and service contracts; the substance of whether our relationship with a structured entity, subsidiary, joint venture or associate constitutes control, joint control or significant influence; functional currencies; contingencies; acquisitions; deferred income tax assets; and the determination of cash generating unit ("CGU"). Significant estimates and judgments have been made in the following areas and are discussed as noted: Insurance contract and investment contract assumptions and measurement Note 1 Insurance Contracts and Investment Contract Liabilities Note 10 Insurance Contracts Determination of fair value Note 1 Basis of Consolidation Note 1 Determination of Fair Value Note 3 Acquisitions and Other Note 5 Total Invested Assets and Related Net Investment Income Determination of fair value of insurance contracts on transition for adoption of IFRS 17 Note 1 Insurance Contracts Income taxes Note 1 Income Taxes Note 19 Income Taxes Pension plans Note 1 Pension Plans and Other Post-Retirement Benefits Note 24 Pension Plans and Other Post-Retirement Benefits Goodwill and intangible assets on acquisition and impairment Note 1 Goodwill Note 1 Intangible Assets Note 3 Acquisitions and Other Note 9 Goodwill and Intangible Assets Determination of control for purpose of consolidation Note 1 Basis of Consolidation Note 15 Interests in Other Entities Share-based payments Note 18 Share-Based Payments
Basis of Consolidation	Basis of Consolidation Our Consolidated Financial Statements include the results of operations and the financial position of subsidiaries, which includes structured entities controlled by us, after intercompany balances and transactions have been eliminated. Subsidiaries are fully consolidated from the date we obtain control, and deconsolidated on the date control ceases. The acquisition method is used to account for the acquisition of a subsidiary from an unrelated party at the date that control is obtained, with the difference between the consideration transferred and the fair value of the subsidiary’s net identifiable assets acquired recorded as goodwill. Judgment is required to determine fair value of the net identifiable assets acquired in a business combination. Interests in controlled entities held by external parties are reported as non-controlling interests ("NCI"). We control an entity when we have power over an entity, exposure to or rights to variable returns from our involvement with an entity, and the ability to affect our returns through our power over an entity. Power exists when we have rights that give us the ability to direct the relevant activities, which are those activities that could significantly affect the entity’s returns. Power can be obtained through voting rights or other contractual arrangements. Judgment is required to determine the relevant activities and which party has power over these activities. When we have power over and variable returns from an entity, including an investment fund that we manage, we also apply significant judgment in determining whether we are acting as a principal or agent. To make this determination, we consider factors such as how much discretion we have regarding the management of the investment fund and the magnitude and extent of variability associated with our interests in the fund. If we determine we are the principal rather than the agent, we would consolidate the assets and liabilities of the fund. Interests held by external parties in investment funds that we consolidate are recorded as third-party interest in consolidated investment funds in Other liabilities. If we lose control of an entity, the assets and liabilities of that entity are derecognized from our Consolidated Statements of Financial Position at the date at which control is lost and any investment retained is remeasured to fair value. A joint venture exists when SLF Inc., or one of its subsidiaries, has joint control of a joint arrangement and has rights to the net assets of the arrangement. Joint control is the contractually agreed sharing of control and exists only when the decisions about the relevant activities require the unanimous consent of the parties sharing control. Associates are entities over which SLF Inc. or its subsidiaries are able to exercise significant influence. Significant influence is the power to participate in the financial and operating policy decisions of an investee but not have control or joint control over those decisions. Significant influence is generally presumed to exist when SLF Inc. or its subsidiaries holds greater than 20% of the voting power of the investee but does not have control or joint control. The equity method is used to account for our interests in joint ventures and associates. A joint operation exists when SLF Inc., or one of its subsidiaries, has joint control of an arrangement that gives it rights to the assets and obligations for the liabilities of the operation, rather than the net assets of the arrangement. For joint operations, we record our share of the assets, liabilities, revenue and expenses of the joint operation. Judgment is required to determine whether contractual arrangements between multiple parties results in control, joint control or significant influence, with consideration of the relevant activities of the entity, voting rights, representation on boards of directors and other decision-making factors. Judgment is also required to determine if a joint arrangement is a joint venture or joint operation, with consideration of our rights and obligations and the structure and legal form of the arrangement.
Determination of Fair Value	Determination of Fair Value Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Fair value is measured using the assumptions that market participants would use when pricing an asset or liability. We determine fair value by using quoted prices in active markets for identical or similar assets or liabilities. When quoted prices in active markets are not available, fair value is determined using valuation techniques that maximize the use of observable inputs. When observable valuation inputs are not available, significant judgment is required to determine fair value by assessing the valuation techniques and valuation inputs. The use of alternative valuation techniques or valuation inputs may result in a different fair value. A description of the fair value methodologies, assumptions, valuation techniques, and valuation inputs by type of asset is included in Note 5. A description of the fair value methodologies, assumptions, valuation techniques and valuation inputs for the transition of insurance contracts to IFRS 17 Insurance Contracts
Foreign Currency Translation	Foreign Currency Translation Translation of Transactions in Foreign Currencies The financial results of SLF Inc. and its subsidiaries, joint ventures and associates are prepared in the currency in which they conduct their ordinary course of business, which is referred to as functional currency. Transactions occurring in currencies other than the functional currency are translated to the functional currency using the spot exchange rates at the dates of the transactions. Monetary assets and liabilities in foreign currencies are translated to the functional currency at the exchange rate at the statement of financial position date. Insurance contract and reinsurance contract held assets and liabilities, including the contractual service margin ("CSM"), are monetary items. Non-monetary assets and liabilities in foreign currencies that are held at fair value are translated using the exchange rate at the statement of financial position date, while non-monetary assets and liabilities that are measured at historical cost are translated using the exchange rate at the date of the transaction. The resulting exchange differences from the translation of monetary items and non-monetary items held at fair value, with changes in fair value recorded to income, are recognized in our Consolidated Statements of Operations. For monetary assets classified as fair value through other comprehensive income ("FVOCI"), translation differences calculated on amortized cost are recognized in our Consolidated Statements of Operations and other changes in carrying amount are recognized in other comprehensive income ("OCI"). The exchange differences from the translation of non-monetary items on these assets are recognized in OCI. Translation to the Presentation Currency In preparing our Consolidated Financial Statements, the financial statements of foreign operations are translated from their respective functional currencies to Canadian dollars, our presentation currency. Assets and liabilities are translated at the closing exchange rate at the statement of financial position date, and income and expenses are translated using the average exchange rates. The accumulated gains or losses arising from translation of functional currencies to the presentation currency, net of the effect of any hedges, are included as a separate component of OCI within equity. Upon disposal of a foreign operation that includes loss of control, significant influence or joint control, the cumulative exchange gain or loss related to that foreign operation is recognized in income.
Financial Assets Excluding Derivative Financial Instruments	Invested Assets Financial Assets Excluding Derivative Financial Instruments Financial assets include cash, cash equivalents and short-term securities, debt securities, equity securities, mortgages and loans, and other financial invested assets. i) Initial Recognition and Subsequent Measurement Classification of financial assets Financial assets are measured at initial recognition at fair value and are classified as and subsequently measured at fair value through profit or loss ("FVTPL"), FVOCI, or amortized cost based on the business model used to manage the financial asset and the contractual cash flow characteristics of the asset. Amortized cost is determined using the effective interest rate method, which is the gross carrying amount less the allowance for expected credit losses ("ECL"). Financial assets are not reclassified subsequent to initial recognition unless the business model used to manage the financial asset has changed. Financial assets are recognized in the Consolidated Statements of Financial Position on their trade dates, which are the dates that we commit to purchase or sell the assets. Originated mortgages and loans are recognized in the Consolidated Statements of Financial Position on their settlement dates. A financial asset is measured at amortized cost if both of the following conditions are met and the asset is not designated at FVTPL: • The asset is held within a business model that is held to collect ("HTC"), in which the collection of contractual cash flows from the financial asset is the primary objective and sales are expected to be insignificant or infrequent; and • The contractual terms of the asset give rise to cash flows that are solely payments of principal and interest ("SPPI") on the principal amount outstanding. A financial asset is measured at FVOCI if both of the following conditions are met and the asset is not designated at FVTPL: • The asset is held within a business model that is held to collect and sell ("HTC&S"), in which both the collection of contractual cash flows and the sale of financial assets are integral to achieving the objective of the business model; and • The contractual terms of the asset give rise, on specified dates, to cash flows that are SPPI. Financial assets that are managed on a fair value basis and do not meet the objectives of a HTC or HTC&S business model, such as financial assets that are held for trading, are measured at FVTPL and fall within the scope of other business models. All financial assets not classified as amortized cost or FVOCI, as described above, are measured at FVTPL. Financial assets at FVTPL include financial assets that are held-for-trading. A financial asset is classified as held-for-trading if it is acquired principally for the purpose of selling in the near term. Cash, cash equivalents and short-term securities are held for trading for the purpose of meeting short-term cash requirements and are measured at FVTPL. On initial recognition, we may also make an irrevocable election to designate a financial asset that would otherwise be measured at amortized cost or FVOCI as measured at FVTPL if the financial asset is managed together with a related financial liability and their performance is evaluated on a fair value basis. Certain debt securities, mortgages and loan instruments that support insurance contract liabilities, which are measured at fair value, have been designated at FVTPL, as doing so significantly reduces measurement inconsistency with the related insurance contract liabilities. These financial assets would otherwise have been measured at FVOCI or amortized cost. Equity securities are measured at FVTPL, unless the asset is not held for trading purposes and we make an irrevocable election to designate the asset at FVOCI. This election is made on an instrument-by-instrument basis. If such an election is made, the fair value changes, including any associated foreign exchange gains or losses, are recognized in OCI and are not subsequently reclassified to the Consolidated Statements of Operations, including upon disposal. Realized gains and losses are transferred directly to retained earnings upon disposal. The following table summarizes the financial assets included in our Consolidated Statements of Financial Position and the applicable classifications: IFRS 9 Cash, cash equivalents and short-term securities FVTPL Debt securities FVTPL, FVOCI Equity securities FVTPL, FVOCI Mortgages and loans FVTPL, FVOCI, Amortized cost Other financial invested assets FVTPL Business model assessment We determine our business models at the level that best reflects how we manage portfolios of financial assets to achieve our business objectives. Judgment is used in determining our business models, which is supported by relevant, objective evidence including: • How the economic activities of our businesses generate benefits, for example, through enhancing yields or hedging and how such economic activities are evaluated and reported to key management personnel; • The significant risks affecting the performance of our businesses, for example, market risk, credit risk, or other risks as described in the Risk Management section of Management’s Discussion and Analysis, and the activities undertaken to manage those risks; • The frequency, volume, and timing of sales in prior periods, the reasons for the sales and expectations about future sales activity. Information about sales activity is not considered in isolation, but as part of an overall assessment of how our stated objective for managing the financial assets is achieved and how cash flows are realized; and • The compensation structures for managers of our businesses, to the extent that these are directly linked to the economic performance of the business model. Our business models include HTC, HTC&S and other, as described above. Assessment of whether contractual cash flows are SPPI Financial assets held within a HTC or HTC&S business model are assessed to evaluate if their contractual cash flows are comprised of SPPI. SPPI payments are those which would typically be expected from basic lending arrangements, such as interest and basic lending returns, compensation for credit risk and the time value of money, costs associated with holding the financial asset for a period of time, and a profit margin. In making the SPPI assessment, we consider the contractual terms of the instrument, including assessment of whether the timing or amount of the contractual cash flows could change by a contractual term of the financial asset. A prepayment feature is consistent with the SPPI criterion if the prepayment amount substantially represents unpaid amounts of principal and interest on the principal amount outstanding, which may include reasonable compensation for early termination of the contract. Where the contractual terms introduce exposure to risk or variability of the cash flows that are inconsistent with a basic lending arrangement, the related financial asset is classified as and measured at FVTPL. Subsequent measurement Equity securities, debt securities, mortgages and loans, and assets related to Collateralized Loan Obligations ("CLOs") that are classified or designated at FVTPL are recorded at fair value in our Consolidated Statements of Financial Position, and gains or losses, including interest or dividend income and foreign exchange gains and losses, are recognized in Net investment income (loss) in the Consolidated Statements of Operations. Debt securities and mortgages and loans that are classified as FVOCI are recorded at fair value. Interest income, foreign exchange gains (losses), and impairment are recognized in Net investment income (loss) in the Consolidated Statements of Operations. Other gains or losses are recognized in OCI. Mortgages and loans classified as amortized cost are subsequently measured using the effective interest rate method. Interest income, foreign exchange gains and losses, and impairment are presented in Net investment income (loss) in the Consolidated Statements of Operations. Other financial invested assets include investments in limited partnerships, segregated funds, mutual funds, and assets related to CLOs that are classified as FVTPL. These financial assets are recorded at fair value, and gains or losses are recognized in Net investment income (loss) in the Consolidated Statements of Operations. Debt securities and Mortgages and loans included in Other financial invested assets that are classified as FVOCI are recorded at fair value. Cash equivalents are highly liquid instruments with a term to maturity of three months or less. Cash and cash equivalents are classified as FVTPL and the fair values are assumed to approximate their carrying values, due to their short-term nature or because they are frequently repriced to current market rates. Short-term securities are those that have a term to maturity exceeding three months but less than one year. The fair value of short-term securities is approximated by their carrying amount. ii) Derecognition Financial assets are derecognized when our contractual rights to the cash flows of the financial asset have expired, or when we transfer the rights to receive contractual cash flows and substantially all the risks and rewards of owning the financial assets have been transferred. When we neither retain nor transfer substantially all the risks and rewards of ownership, the financial assets are derecognized if control over the financial assets have been relinquished. If we retain control of the financial assets, we continue to recognize the transferred assets to the extent of our continuing involvement. When financial assets are derecognized, the difference between the carrying amount and the consideration received on the date of derecognition is recognized in Net investment income (loss) in the Consolidated Statements of Operations. For debt securities at FVOCI, the cumulative gains (losses) previously recognized in OCI are reclassified to Net investment income (loss) in the Consolidated Statements of Operations. For equity investments designated at FVOCI, the cumulative gains (losses) previously recognized in OCI are not reclassified to income. For financial assets measured at amortized cost in which modifications have resulted in derecognition, the gain (loss) is presented together with impairment losses if the modification was a result of financial difficulties of the borrower. Otherwise, the gain (loss) is presented as Net investment income (loss) in the Consolidated Statements of Operations. Judgment is applied in determining whether contractual rights to the cash flows from the transferred assets have expired or whether we retain the rights to receive the cash flows on the assets but have assumed an obligation to pay for those cash flows. iii) Impairment We establish an allowance for ECL for financial assets not classified or designated at FVTPL. Financial assets measured at amortized cost are presented at their carrying amounts on the Consolidated Statements of Financial Position, which is the gross carrying amount less the allowance for ECL, with changes in the allowance for ECL recognized in Provision for credit losses in Net investment income (loss) in the Consolidated Statements of Operations. The allowance for ECL on financial assets measured at FVOCI, including debt securities and mortgages and loans, does not reduce the carrying amount of the assets in the Consolidated Statements of Financial Position, which remains at fair value. Rather, an amount equal to the allowance for ECL that would arise if the assets were measured at amortized cost is recognized in OCI, with changes in the allowance for ECL recognized in Provision for credit losses in Net investment income (loss) in the Consolidated Statements of Operations. At the end of each reporting period, we apply a three-stage impairment approach to measure the ECL on financial assets measured at amortized cost or at FVOCI: • Stage 1: For financial assets that have not experienced a significant increase in credit risk since the date of initial recognition, a loss allowance equal to the credit losses expected to result from default events occurring over the 12 months following the reporting date is recognized. • Stage 2: For financial assets that have experienced a significant increase in credit risk since the date of initial recognition, a loss allowance equal to the credit losses expected to result from default events occurring over the remaining lifetime of the financial asset is recognized. • Stage 3: When a financial asset is considered to be credit-impaired, a loss allowance equal to the ECL over the remaining lifetime of the financial asset is recognized. Interest income is calculated based on the carrying amount of the asset, net of the loss allowance. We monitor all financial assets that are subject to impairment for significant increase in credit risk. In making this assessment, we consider both quantitative and qualitative information that is reasonable and supportable, including historical experience and forward-looking information that is available without undue cost or effort. Additional details about significant increase in credit risk and forward-looking information are provided in Note 6. Modified financial assets The contractual terms of a financial asset may be modified for a number of reasons, including changing market conditions and other factors not related to a current or potential credit deterioration of the borrower. An existing financial asset whose terms have been modified may be derecognized and the renegotiated asset recognized as a new financial asset at fair value in accordance with the accounting policies in this Note. If modification does not result in derecognition, the financial asset continues to be subject to the assessment for significant increase in credit risk relative to initial recognition. Expected cash flows arising from the modified contractual terms are considered when calculating the ECL for the modified asset. For loans that were modified while having lifetime ECLs, such loans can revert to having 12-month ECLs if the borrower's financial condition that led to it being identified as credit-impaired are no longer present. Definition of default The definition of default used in the measurement of ECL is consistent with the definition of default used for our internal credit risk management purposes. We consider a financial asset to be in default when the issuer is unlikely to meet its credit obligations in full, without recourse action on our part, or when the financial asset is 90 days past due. Our definition of default may differ across financial assets and consider qualitative factors, such as the terms of financial covenants, breaches of such covenants, and other indicators of financial distress, as well as quantitative factors, such as overdue status and non-payment of other obligations under the same issuer. We use internally developed data and those obtained from external sources when assessing default. Credit-impaired financial assets (Stage 3) At each reporting date, we assess whether financial assets measured at amortized cost and FVOCI are credit-impaired. A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. Evidence of credit-impairment may include indications that the borrower is experiencing significant financial difficulty, probability of bankruptcy or other financial reorganization, as well as a measurable decrease in the estimated future cash flows evidenced by the adverse changes in the payments status of the borrower or economic conditions that correlate with defaults. If a financial asset is credit-impaired, interest income is calculated based on the carrying amount of the asset, which is net of the allowance for ECL, rather than on the gross carrying amount. Write-off of financial assets The gross carrying amount of a financial asset, and the related allowance for ECL, is written off (either partially or in full) to the extent that there is no realistic prospect of recovery. This is generally the case when we determine that the borrower does not have assets or sources of income that could generate sufficient cash flows to repay the amounts subject to the write-off. However, financial assets that are written off could still be subject to enforcement activities in order to comply with procedures for recovery of amounts due. iv) Embedded Derivatives Under IFRS 9 Financial Instruments ("IFRS 9"), derivatives embedded in contracts where the host is a financial asset in scope of IFRS 9 are not separated. Instead, the hybrid financial instrument, as a whole, is assessed for classification. Collateral Cash received (pledged) as collateral is recognized (derecognized) in our Consolidated Statements of Financial Position with corresponding amounts recognized in Other liabilities (Other assets), respectively. All other types of assets received (pledged) as collateral are not recognized (derecognized) in our Consolidated Statements of Financial Position.
Dervative Financial Instruments	Derivative Financial Instruments All derivative financial instruments are recorded at fair value in our Consolidated Statements of Financial Position. Derivatives with a positive fair value are recorded as Derivative assets while derivatives with a negative fair value are recorded as Derivative liabilities. The accounting for the changes in fair value of a derivative instrument depends on whether or not it is designated as a hedging instrument for hedge accounting purposes. Changes in fair value of derivatives that are not designated for hedge accounting purposes, which are defined as derivative investments, are recorded in Net investment income (loss) in our Consolidated Statements of Operations. Income earned or paid on these derivatives is recorded in Net investment income (loss) in our Consolidated Statements of Operations. Hedge accounting is applied to certain derivatives to reduce income statement volatility. All hedging relationships are documented at inception and hedge effectiveness is assessed at inception and on a quarterly basis to determine whether the hedging instruments are highly effective in offsetting changes attributable to the hedged risk in the fair value or cash flows of the hedged items. We have elected to continue to apply the hedge accounting principles under IAS 39 Financial Instruments: Recognition and Measurement instead of those under IFRS 9. Cash Flow Hedges Certain equity and foreign currency forwards are designated as hedging instruments in cash flow hedges for anticipated payments of awards under certain share-based payment plans and for anticipated foreign currency purchases of foreign operations. Changes in the fair value of derivatives for the effective portion of the hedge are recognized in OCI, while the ineffective portion of the hedge and any items excluded from the hedging relationship, such as the spot-to-forward differential, are recognized in net investment income in our Consolidated Statements of Operations. A portion of the amount recognized in OCI related to the equity forwards is reclassified to income as a component of Operating expenses as the liabilities for the share-based payment awards are accrued over the vesting period. A portion of the amounts recognized in OCI related to the foreign currency forwards would be reclassified to income upon disposal or impairment of the foreign operations. All amounts recognized in, or reclassified from, OCI are net of related taxes.
Investment Properties	Investment Properties Investment properties are real estate held to earn rental income, for capital appreciation, or both. Properties held to earn rental income or for capital appreciation that have an insignificant portion that is owner-occupied are classified as investment properties. Properties that do not meet these criteria are classified as property and equipment, included in Other assets as described below. Expenditures related to ongoing maintenance of properties incurred subsequent to acquisition are expensed. Investment properties are initially recognized at cost in our Consolidated Statements of Financial Position. Various costs incurred associated with the acquisition of an investment property are either capitalized or expensed depending on whether or not the acquisition is considered a business combination. Investment properties are subsequently measured at fair value with changes in value recorded to Fair value and foreign currency changes on assets and liabilities in our Consolidated Statements of Operations.
Other Non-Financial Invested Assets	Other Non-Financial Invested Assets Other non-financial invested assets include investments in joint ventures and associates, which are accounted for using the equity method. Investments in joint ventures and associates are initially recorded at cost. The investment in joint ventures and associates is increased by our share of capital contributions and for purchases of additional interests and is reduced by distributions received. In addition, subsequent adjustments to the investment are made for our share of net income or loss and our share of OCI. Our share of net income is recorded in investment income in our Consolidated Statements of Operations and our share of OCI is recorded in our Consolidated Statements of Comprehensive Income (Loss). Impairment losses on equity method investments are recognized when events or changes in circumstances indicate that they are impaired. The impairment loss recognized is the difference between the carrying amount and the recoverable amount.
Other Assets	Other Assets
Leases	Leases At inception of a contract, we assess whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. For leases where we act as the lessee, we recognize a right-of-use asset and a lease liability at the commencement date of the lease. For leases where we act as the lessor, we assess whether the leases should be classified as finance or operating leases. Our leases are classified as operating leases. Operating leases are recognized into income on a straight-line basis. The right-of-use asset is initially measured at cost, which is comprised of the initial amount of the lease liability with certain adjustments, and subsequently depreciated using the straight-line method, with depreciation expense included in Operating expenses in the Consolidated Statements of Operations. The right-of-use asset is depreciated to the earlier of the lease term and its useful life. The right-of-use asset is assessed for impairment under IAS 36 Impairment of Assets . Right-of-use assets are assessed for indicators of impairment at each reporting period. If there is an indication that a right-of-use asset may be impaired, an impairment test is performed by comparing the asset’s carrying amount to its recoverable amount. If an impairment loss has been incurred, the carrying value of the right-of-use asset is reduced with the corresponding amount recognized in income. The lease liability is initially measured at the present value of lease payments over the term of the lease using a discount rate that is based on our incremental borrowing rate. The discount rate is specific to each lease and is determined by various factors, such as the lease term and currency. The lease term includes the non-cancellable period and the optional period where it is reasonably certain we will exercise an extension or termination option, considering various factors that create an economic incentive to do so. Subsequently, the lease liability is measured at amortized cost using the effective interest rate method, with interest charged to Interest expense in the Consolidated Statements of Operations. Lease liabilities and right-of-use assets are remeasured upon lease modifications. A lease modification is considered as a change in the scope of a lease, or the consideration for a lease, that was not part of the original terms and conditions of the lease.
Intangible Assets	Intangible Assets Intangible assets consist of finite life and indefinite life intangible assets. Finite life intangible assets are amortized on a straight-line basis or using a units-of-production method, over the useful economic lives: i) Distribution, sales potential of field force, client relationships and asset administration contracts — 3 to 40 years; and ii) Internally generated software — 3 to 10 years. Amortization is charged through Operating expenses in the Consolidated Statements of Operation. The useful lives of finite life intangible assets are reviewed annually, and the amortization is adjusted as necessary. Indefinite life intangibles are not amortized and are assessed for impairment annually or more frequently if events or changes in circumstances indicate that the asset may be impaired. Impairment is assessed by comparing the carrying values of the indefinite life intangible assets to their recoverable amounts. The recoverable amount is the higher of an asset’s fair value less costs to sell and its value in use. If the carrying values of the indefinite life intangibles exceed their recoverable amounts, these assets are considered impaired, and a charge for impairment is recognized in our Consolidated Statements of Operations. The recoverable amount of intangible assets is determined using various valuation models, which require management to make certain judgments and assumptions that could affect the estimates of the recoverable amount.
Goodwill	Goodwill Goodwill represents the excess of the cost of an acquisition over the fair value of the net identifiable tangible and intangible assets of the acquired businesses. It is carried at original cost less any impairment subsequently incurred. Goodwill is assessed for impairment annually or more frequently if events or circumstances occur that may result in the recoverable amount of a CGU or a group of CGUs falling below its carrying value. A CGU is the smallest identifiable group of assets that generates cash inflows that are largely independent of cash inflows from other groups of assets. We exercise significant judgment in determining our CGUs. The factors considered in determining our CGUs include product cash inflows, product distribution, target markets, and how management monitors and evaluates the operations.
Insurance Contract Liabilities	Insurance Contracts Classification Insurance contracts are comprised of insurance contracts issued, which are insurance and reinsurance or retrocession contracts that are issued by us, and reinsurance contracts held. Insurance contracts issued are contracts under which we accept significant insurance risk from a policyholder by agreeing to compensate the policyholder if a specified uncertain future event adversely affects the policyholder. The presence of significant insurance risk in individual contracts is assessed by reviewing books of contracts with homogeneous risk features. Reinsurance contracts held are insurance contracts under which we are the policyholder and have transferred insurance risk to the issuer of the contract, either the reinsurer or the retrocessionaire. In the normal course of business, we use reinsurance to limit our exposure to large losses. We have a retention policy that requires that such arrangements be placed with well-established, highly-rated reinsurers. Certain investment contracts contain discretionary participation features ("DPF"), whereby the policyholder has the right to receive, in addition to guaranteed amounts, potentially significant benefits based on returns on a specified pool of assets. For entities like us that issue insurance contracts, investment contracts with DPF are measured and reported as insurance contracts. Judgment is required to determine the classification of a contract as an insurance contract, investment contract or a service contract. Contracts are classified at initial recognition. Once a contract is classified as an insurance contract, it remains an insurance contract until all rights and obligations are extinguished or the contract is derecognized. Combination and Separation of Contracts Derivatives embedded in insurance contracts are treated as separate contracts and measured at fair value with changes in fair value recognized in income unless the embedded derivative itself meets the definition of an insurance contract or when the risks and characteristics of the embedded derivative are closely related to those of the host contract. Embedded derivatives that are not separated are accounted for with the host insurance contract. Investment components of insurance contracts are amounts we repay to a policyholder in all circumstances (e.g., cash surrender values). Investment components of insurance contracts are treated as separate investment contracts only if the investment component is not highly interrelated with the insurance component and a contract with equivalent terms could be sold separately in the same market. Investment components that are not separated are accounted for as non-distinct investment components of insurance contracts. Service components of insurance contracts are treated as separate service contracts only if the service component is not highly interrelated with the insurance component and we provide no significant service in integrating the service component with the insurance component. Service components that are not separated are accounted for with insurance contracts. Insurance components of insurance contracts are treated as separate contracts only if the insurance component constitutes a separate insurance contract (e.g., certain reinsurance treaties that transfer risk on different types of insurance contracts). For insurance contracts where both parties to the contract have the practical ability to terminate the contract, the extension of the contract beyond the termination date is treated as a new and separate contract. This occurs for most group life and health insurance contracts every year, when we have the right to reprice the contract and the policyholder has the option to not renew the contract. In such instances, each renewal is considered a new and separate contract. This also applies for many reinsurance contracts held, where the reinsurer has the right to reprice new cessions and we have the right to cease ceding new contracts with a notice period. In such instances, the cessions within each notice period are considered a new and separate reinsurance contract held. Measurement Insurance contracts are measured in accordance with IFRS 17, using one of the following approaches: • Variable fee approach ("VFA"): This approach applies to insurance contracts (excluding reinsurance contracts) with direct participation features, which are substantially investment-related service contracts where the policyholder is promised an investment return based on underlying items. • Premium allocation approach ("PAA"): This is a simplified measurement approach and is applied to all insurance contracts that are eligible to use it, such as the majority of those in our group life and health businesses. • General measurement approach ("GMA"): This approach applies to all insurance contracts not measured using the VFA or the PAA. Reinsurance contracts held are measured in a manner consistent with the associated underlying insurance contracts and in accordance with the terms of each reinsurance contract held. Reinsurance contracts held cannot be measured using the VFA. The measurement of reinsurance contracts held includes a provision for the risk that the reinsurer will not honour its obligations under the contract. The carrying value of insurance contracts comprises the liability for remaining coverage ("LRC") and the liability for incurred claims ("LIC"): • The LRC is the measurement of our obligation to investigate and pay valid claims for insured events that have not yet occurred (i.e., the obligation that relates to the unexpired portion of the coverage period). • The LIC is the measurement of our obligation to investigate and pay valid claims for insured events that have already occurred, including events that have occurred but for which claims have not been reported. For reinsurance contracts held, the LIC is an asset for incurred claims. Significant judgment is required in measuring assets or liabilities for insurance contracts, including the assumptions that are used for their measurement. Application of different assumptions may result in different measurement of the insurance contracts. Actual experience may differ from assumptions, and estimates may change from period to period based on future events or revisions of assumptions. Key assumptions and considerations in selecting these assumptions are discussed in Note 10. The sensitivity of the measurement of insurance contracts to changes in risk variables are discussed in Note 7. Level of Aggregation The unit of account for the measurement of insurance contracts is a group. Each insurance contract is assigned to a group at initial recognition and remains in that group until the insurance contract is derecognized. Groups are subdivisions of portfolios. Portfolios are insurance contracts subject to similar risks and managed together and a portfolio is the level at which expenses are attributed and the level at which insurance contracts issued and reinsurance contracts held are presented. We have established portfolios in each reportable business segment, distinguished between: • Insurance contracts issued and reinsurance contracts held; • Group insurance contracts and individual insurance contracts; • Participating insurance contracts and non-participating insurance contracts; • Adjustable insurance contracts and non-adjustable insurance contracts; • Traditional life insurance contracts and universal life insurance contracts; and • Pass-through insurance contracts and discretionary crediting contracts. Within each portfolio, separate groups are established by: • Date of issue: To be in the same group, contracts must be issued within the same time period, and the period cannot be longer than one year; and • Level of profitability: Insurance contracts are separated into groups of contracts that are onerous at initial recognition, contracts that do not have a significant possibility of becoming onerous subsequently, and other contracts. The level of profitability for an insurance contract is based on the CSM at initial recognition of the contract (as described below in Initial Measurement). We do not establish additional groups beyond the minimum required except for: • Some portfolios of reinsurance contracts held where grouping is established to line up with the grouping of the underlying insurance contracts issued; and • Some individual life policies which are included in their own groups. Initial Measurement Groups of insurance contracts are recognized and measured as the total of the following measurement components: • Fulfilment cash flows ("FCF"), which is comprised of: • The present value of future cash flows (including the provisions for financial risk), • The risk adjustment for non-financial risk ("RA"); and • A CSM, representing the unearned profit that will be recognized in income as insurance contract services are provided. These measurement components apply to groups of insurance contracts measured using the GMA and the VFA. Under the PAA, which is a simplified measurement approach, insurance contracts are measured based on unearned profits and do not include a CSM. GMA or VFA Using the GMA or VFA, a group of insurance contracts is measured as the total of the three measurement components, as described above. Estimates of the present value of future cash flows are explicit and current, and consider all reasonable and supportable information available at the reporting date without undue cost or effort. The portion of the present value of future cash flows related to financial risk variables is consistent with observable market prices and, where necessary, considers a range of scenarios that provides a good representation of possible outcomes. The cash flows for each scenario are probability-weighted and discounted using current assumptions. The risk adjustment for non-financial risk represents the compensation required for uncertainty related to non-financial risk (mortality, morbidity, surrender and expenses, etc.). The risk adjustment is reduced as the non-financial risks of our insurance contracts diminish over time ("release of risk adjustment"). The CSM at the initial recognition of an insurance contract issued is the amount that fully offsets the FCF at initial recognition, and represents unearned profits on new business that are deferred and amortized into income as insurance contract services are provided. For insurance contracts issued that are not profitable at initial recognition ("onerous insurance contracts"), a CSM is not established and losses are recognized in income immediately. For reinsurance contracts held, there is no restriction on the CSM based on profitability at initial recognition, and any losses are deferred in the same manner as profits. In addition, the CSM for reinsurance contracts held can be adjusted to offset any gains or losses on the groups of underlying direct contracts that would have gone through CSM if the group of underlying direct contracts had a CSM balance. For onerous insurance contracts, the loss recognized in the Consolidated Statements of Operations at initial recognition is added to the loss component of the group to which the contract is assigned. The loss component is a notional portion of the LRC that represents the amount of loss that can be reversed by future profit before a CSM is re-established for the group. For groups of reinsurance contracts held for which the CSM has been adjusted to offset gains and losses on groups of underlying direct contracts without a CSM, a loss recovery component is established. PAA The LRC is initially measured as the premium received in the period. For groups using the PAA, insurance acquisition cash flows are recognized in the Consolidated Statements of Operations when incurred, rather than including such expenses in the measurement of LRC. Subsequent Measurement The subsequent measurement of FCF uses the same approach as described above for initial measurement, but with current inputs for each subsequent reporting date. For contracts measured using the PAA, the LRC subsequent to initial recognition is the amount of unearned revenue and the remaining loss component for any groups that are onerous. We do not adjust the LRC to reflect the time value of money and the effects of financial risk when we expect the time between providing coverage and the related premiums to be no more than one year. We do not adjust the LIC to reflect the time value of money and the effects of financial risk when we expect the claims to be fully paid within one year of the insured event occurring. For contracts measured using the GMA or VFA, the measurement of CSM subsequent to initial recognition is described below. For groups of insurance contracts issued using the GMA, the CSM at the end of a reporting period is measured as the CSM at the beginning of the reporting period, adjusted for: • The effect of any new contracts added to the group; • Interest accretion on the carrying amount of the CSM; • The change in FCF relating to future service, except to the extent that increases exceed the carrying amount of the CSM (giving rise to a loss) or decreases are allocated to the loss component of the LRC (reversing a prior loss); • The effect of any currency exchange differences on the CSM; and • The amount recognized as Insurance revenue due to the performance of insurance contract services in the period ("CSM amortization"). For groups of insurance contracts issued using the VFA, the CSM at the end of a reporting period is measured as the CSM at the beginning of the reporting period, adjusted for: • The effect of any new contracts added to the group; • The change in the entity's share of the fair value of underlying items, except to the extent a decrease exceeds the carrying amount of the CSM (giving rise to a loss) or an increase reverses a prior loss, or that risk mitigation applies (see below); • The change in FCF relating to future service, except to the extent that increases exceed the carrying amount of the CSM (giving rise to a loss) or decreases are allocated to the loss component of the LRC (reversing a prior loss), or that risk mitigation applies (see below); • The effect of any currency exchange differences on the CSM; and • CSM amortization. The risk mitigation option is provided to avoid accounting mismatches that would otherwise occur when the financial risk of a group of insurance contracts is mitigated outside the underlying items of the group. For insurance contracts issued using the VFA, changes related to financial risk adjust the CSM, but offsetting changes from risk mitigation (e.g., derivatives) may go through income. The risk mitigation option allows for a change that would otherwise adjust CSM to be recognized in income instead, to avoid such a mismatch. We apply the risk mitigation option where applicable to reduce accounting mismatches. The effect on CSM of applying the risk mitigation option is disclosed in more detail in Note 5.C. For groups of reinsurance contracts held, the CSM at the end of a reporting period is measured as the CSM at the start of the reporting period, adjusted for: • The effect of any new contracts added to the group; • Interest accretion on the carrying amount of the CSM; • Income recognized in the reporting period as a result of gains or losses recognized to offset gains or losses on groups of underlying direct contracts with no CSM; • Reversals of a loss-recovery component to the extent those reversals are not changes in the FCF of the group of reinsurance contracts held; • The change in FCF relating to future service, unless the change offsets a gain or loss on groups of underlying direct contracts with no CSM or the change is related to groups of onerous insurance contracts using the PAA; • The effect of any currency exchange differences on the CSM; and • The amount recognized in income due to services received in the period. We have not changed the accounting estimates made in previous interim financial statements in the preparation of these Consolidated Financial Statements. In particular, the CSM at the end of each reporting period is the CSM at the beginning of the reporting period adjusted as described above, rather than the CSM at the beginning of the calendar year adjusted as described above. Transition to IFRS 17 At the transition date to IFRS 17, January 1, 2022, we applied the fair value approach for all groups of insurance contracts existing at that date that are measured using the GMA or VFA because applying the full retrospective approach was impracticable. Under this approach, the CSM at transition for a group of insurance contracts is its fair value minus the FCF measured according to the policies described in this Note. The fair value of a group of insurance contracts is the amount that a market participant would require to take over the obligations of the group of insurance contracts. Each portfolio of issued insurance contracts had one group at transition. Reinsurance contracts held were grouped according to the underlying direct contracts. The discount curve established at transition is the locked-in curve for the group. The fair value of reinsurance contracts held at transition was the difference between the fair value of underlying insurance contracts without reinsurance and with reinsurance. The determination of fair value required us to apply significant judgment in the methodology used and in our estimates and assumptions. Derecognition and Modification An insurance contract is derecognized when the obligations in the contract expire, are discharged or cancelled, or when it is modified and the modification is substantial, such as when the modification results in a change in the measurement approach. When a contract modification results in derecognition, the original contract is derecognized and the modified contract is recognized as a new contract. Modifications that do not result in derecognition are treated as changes in FCF. Presentation on the Consolidated Financial Statements The carrying value of portfolios of insurance contracts issued and reinsurance contracts held that are in an asset position are presented as Insurance contract assets and Reinsurance contract held assets in the Consolidated Statements of Financial Position, while the carrying value of portfolios of insurance contracts issued and reinsurance contracts held that are liabilities are presented as Insurance Contract liabilities excluding those for account of segregated fund holders and Reinsurance contract held liabilities. Assets for insurance acquisition cash flows incurred before initial recognition of the contracts to which they are attributable are included in the carrying value of the portfolio associated with those contracts. Amounts related to insurance contracts that impact income are included in the Net insurance service result of the Consolidated Statements of Operations and the Insurance finance income (expenses) line in the Net investment result section. Results in those sections are presented separately for insurance contracts issued and reinsurance contracts held. We have chosen to disaggregate changes in the RA between the Insurance revenue line in Net insurance service result, and the Insurance finance income (expenses) line in Net investment result. Net insurance service result Insurance revenue is recognized as insurance contract services are provided for groups of insurance contracts. For insurance contracts issued that are measured using the GMA or the VFA, Insurance revenue includes the following services for which consideration in the form of premiums, net of premium taxes, is expected to be received: • Expected claims and other expenses directly attributable to fulfilling insurance contracts, measured at the amounts expected at the beginning of the period, and excluding investment components and amounts allocated to the loss component; • Release of the RA for the period, excluding amounts allocated to the loss component and amounts related to changes in the time value of money, which are recognized in Insurance finance income (expenses); • CSM amortization to reflect services provided in the period, measured using the coverage units for the reporting period as a proportion of total coverage units (additional detail on coverage units is provided in Note 10); • Amortization of insurance acquisition cash flows; • Premium experience adjustments that relate to current or past service; and • Expected amounts related to income taxes specifically chargeable to the policyholder. Amortization of insurance acquisition cash flows in Insurance revenue is an allocation of the portion of the premiums that relates to the recovery of insurance acquisition cash flows, determined in a systematic way based on the passage of time. An equal and offsetting amount is included in Insurance service expenses. For insurance contracts issued measured using the PAA, expected premium receipts (net of premium taxes and excluding investment components) are recognized as revenue, generally based on the passage of time. Insurance service expenses include: • Claims incurred in the period (excluding investment components and amounts allocated to the loss component); • Expenses incurred that are directly attributable to fulfilling the insurance contracts; • Losses on onerous contracts and reversals of those losses; • Changes related to past service (e.g., changes in the LIC in periods subsequent to the claim being incurred); • Amortization of insurance acquisition cash flows; • Insurance acquisition cash flows expensed as incurred related to PAA contracts; and • Impairment and reversals of impairment of assets for insurance acquisition cash flows. For reinsurance contracts held, we have elected to present income and expenses arising from these contracts as a single amount in the Reinsurance contract held net income (expense) line on the Consolidated Statements of Operations. This amount includes an allocation of reinsurance premiums, amounts recovered from reinsurers, and changes in the risk of non-performance by the reinsurer. Allocations of reinsurance premiums are recognized as services are received for the reinsurance contract held. For reinsurance contracts held measured using the GMA, the services received for which consideration is paid include: • Expected recoveries and expenses, excluding amounts that are paid regardless of claims; • Release of the RA for the period; • CSM recognized for services received; and • Premium experience adjustments that relate to current or past service. For reinsurance contracts held measured using the PAA, expected premium payments (net of premium taxes and excluding amounts that are paid regardless of claims) are recognized as an allocation of reinsurance premiums based on the passage of time. Amounts recovered from reinsurers includes incurred claims (excluding amounts that are paid regardless of claims) and expenses, loss recoveries and reversals of loss recoveries, and changes related to past service (e.g., changes in the asset for incurred claims in periods subsequent to the claim being incurred). Insurance finance income (expenses) Changes in the carrying value of insurance contracts issued not measured using the VFA and reinsurance contracts held that are due to changes in the time value of money and in financial risk are recognized in the Insurance finance income (expenses) line on the Consolidated Statements of Operations. For insurance contracts issued measured using the VFA, Insurance finance income (expenses) includes changes in the fair value of underlying items and changes not recognized in the CSM when the risk mitigation option is applied. We have elected to recognize all insurance finance income (expenses) in the Consolidated Statements of Operations and not in OCI. Insurance finance income (expense) for insurance contracts for account of segregated fund holders is discussed in the Segregated Funds section of this Note. Segregated Funds Segregated funds are products where the benefit amount is directly linked to the fair value of the investments held in the particular segregated fund. Although the underlying assets are registered in our name and the segregated fund contract holder has no direct access to the specific assets, the contractual arrangements are such that the segregated fund policyholders bear the risks and rewards of the fund’s investment performance. In addition, certain segregated funds contracts include guarantees from us. Segregated fund contracts are classified as insurance contracts or investment contracts following the classification criteria described in the Insurance Contracts section of this Note and Note 10. Investments for Account of Segregated Fund Holders Investments for account of segregated fund holders are recorded separately from the Total general fund assets in our Consolidated Statements of Financial Position and are carried at fair value. Fair values are determined using quoted market values or, where quoted market values are not available, estimated fair values as determined by us. Investments for account of segregated fund holders includes investments for contracts that are classified as insurance contracts and investments for contracts that are classified as investment contracts. Unrealized gains and losses and other investment income from investments for account of segregated fund holders classified as insurance contracts is reported as Net investment income (loss) within the Net investment result for insurance contracts for account of segregated fund holders in the Consolidated Statements of Operations. Such investment income (loss) will be offset by the corresponding increase or decrease in the insurance contract liabilities for account of segregated fund holders. Changes in the fair value of the investments for account of segregated fund holders classified as investment contracts are recorded in net realized and unrealized gains (losses) within the segregated fund and are not recorded in our Consolidated Statements of Operations. Insurance Contract Liabilities for Account of Segregated Fund Holders Segregated fund products classified as insurance contracts are contracts with direct participation features and are therefore measured using the VFA described in the Insurance contracts section of this Note. Insurance contract liabilities for these contracts are presented as two separate lines on the Consolidated Statements of Financial Position: Insurance contract liabilities excluding those for account of segregated fund holders, and Insurance contract liabilities for account of segregated fund holders. The Insurance contract liabilities for account of segregated fund holders represents the obligation to pay the policyholder an amount equal to the fair value of the underlying items. Changes in this obligation due to changes in fair value of the underlying items are recognized as Insurance finance income or expenses in the Net investment result for insurance contracts for account of segregated fund holders in the Consolidated Statements of Operations. Such insurance finance income or expenses will be offset by the corresponding increase or decrease in Investments for account of segregated fund holders. Deposits into and payments from the segregated funds are investment components and thus excluded from insurance revenue and insurance service expenses. The Insurance contract liabilities excluding those for account of segregated fund holders on the Consolidated Statements of Financial Position includes the remaining insurance contract liabilities for these contracts, which comprises the provision for guarantees, future expenses (less future fees), the RA and the CSM. Revenue and expenses related to these items are included in the Insurance service result on the Consolidated Statements of Operations. Investment Contract Liabilities for Account of Segregated Fund Holders
Financial Liabilities	Financial Liabilities Classification and initial measurement Our financial liabilities are classified and measured at amortized cost, except for financial guarantees, derivative liabilities, and liabilities related to CLOs. Financial guarantees, derivative liabilities, and liabilities related to CLOs are classified as FVTPL. For further details on the liabilities related to CLOs, refer to Note 5.A.i. We may also designate certain investment contracts liabilities and third-party interests in consolidated funds at FVTPL on initial recognition, and once designated, the designation is irrevocable. Financial liabilities are designated at FVTPL if doing so either eliminates or significantly reduces accounting mismatch with the supporting assets or that the liabilities and supporting assets are managed together and their performance is evaluated on a fair value basis. Liabilities related to CLOs are designated at FVTPL on initial recognition as doing so either eliminates or significantly reduces an accounting mismatch with the supporting assets. The FVTPL designation is available only for those financial liabilities for which a reliable estimate of fair value can be obtained. All other investment contracts are measured at amortized cost using the effective interest rate method. Subsequent measurement Financial liabilities classified or designated at FVTPL are measured at fair value. Any interest expenses, foreign exchange gains (losses), and fair value changes that are not due to changes in own credit risk are recognized in Net investment income (loss) in the Consolidated Statements of Operations, unless they arise from derivatives designated as hedging instruments in net investment hedges. For financial liabilities designated at FVTPL, fair value changes attributable to changes in our own credit risk are recorded in OCI, and are not reclassified subsequently to Net investment income (loss) in the Consolidated Statements of Operations. Financial liabilities at amortized cost are measured at fair value less transaction costs at initial recognition, and subsequently at amortized cost using the effective interest rate method. Interest expense and foreign exchange gains (losses) are recorded in Net investment income (loss) in the Consolidated Statements of Operations. Derecognition We generally derecognize a financial liability when the contractual obligations expire or are discharged or cancelled. We also derecognize a financial liability when the terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognized at fair value. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any new non-cash assets transferred or liabilities assumed) is recognized in the Consolidated Statements of Operations. Investment Contract Liabilities Contracts issued by us that do not transfer significant insurance risk, but do transfer financial risk from the policyholder to us, are financial liabilities and are accounted for as investment contracts, unless they have DPF, in which case they are accounted for as insurance contracts (See Insurance Contracts). Distinct service components of investment contracts are treated as service contracts (See Service Contracts and Fee Income). Investment contract liabilities without DPF are initially recognized at fair value, less transaction costs directly attributable to the issue of the contract, and are subsequently held at amortized cost using the effective interest rate method. Amortization is recorded as a Decrease (increase) in investment contract liabilities in our Consolidated Statements of Operations. Deposits collected from and payments made to contract holders are recorded as changes in our Investment contract liabilities balance in the Consolidated Statements of Financial Position. Investment contract liabilities are derecognized when the obligation of the contract is discharged, cancelled or expired. Investment contract liabilities without DPF include term certain payout annuities in Canada, accumulation annuities and guaranteed investment contracts in Canada, unit-linked products issued in Hong Kong, and non-unit linked pensions contracts issued in Hong Kong. As discussed in the Segregated Funds section of this Note, investment contracts under which the policyholder bears the risks associated with the underlying investments are classified as Investment contracts for account of segregated fund holders in the Consolidated Statements of Financial Position. Obligations for Securities Borrowing The obligation for securities borrowing represents our commitment to deliver securities under the short sale program. Under the program, we short sell the securities that we borrowed from a third party. The obligation to return the securities is not recognized in the Consolidated Statements of Financial Position until they are sold, and the risks and rewards of ownership have been transferred. Upon recognition, they are measured at fair value. The securities borrowings are returnable to the lender upon demand or at our discretion.
Other Liabilities	Other Liabilities Other liabilities, which are measured at amortized cost, include accounts payable, credit facilities, repurchase agreements, accrued expenses and taxes, senior financing, provisions, lessee’s lease liabilities and a deferred payment liability. Liabilities for provisions, other than those reported with insurance contract liabilities and investment contract liabilities, are recognized for present legal or constructive obligations as a result of a past event if it is probable that they will result in an outflow of economic resources and the amount can be reliably estimated. The amounts recognized for these provisions are the best estimates of the expenditures required to settle the present obligations or to transfer them to a third party at the reporting date, considering all the inherent risks and uncertainties, as well as the time value of money. These provisions are reviewed as relevant facts and circumstances change. Lease liabilities are measured as described in the Leases Section of this Note. Other financial liabilities are measured at amortized cost, with the exception of CLOs which are measured at FVTPL. For put option liabilities, upon initial recognition, the present value is calculated using our incremental borrowing rate and subsequent revisions to the expected timing or amount of cash flows payable as well as interest expense will be recognized in the Consolidated Statements of Operations. Senior Debentures and Subordinated Debt Senior debentures and subordinated debt liabilities are recorded at amortized cost using the effective interest rate method. Transaction costs are recorded as part of the liability and are recognized in income using the effective interest rate method. These liabilities are derecognized when the obligation of the contract is discharged, cancelled or expired.
Service Contracts and Fee Income	Service Contracts and Fee Income Contracts issued by us that do not transfer significant insurance risk and do not transfer financial risk from the customer to us, including contracts for investment management service, are classified as service contracts. Distinct service components of insurance and investment contracts are also accounted for as service contracts. Fees earned from these contracts are recognized and included in Fee income in our Consolidated Statements of Operations. Fee income from service contracts represents fees associated with contracts with customers and includes distribution fees, fund management and other asset-based fees, and administrative services and other fees. Distribution fees includes fees earned from the distribution of investment products and other intermediary activities. Fund management and other asset-based fees includes fees earned from investment management services. Administrative services and other fees includes fees earned from contract administration and other management services. Fee income from service contracts is typically recognized as revenue when services are rendered at either a point in time or over time. The majority of fee income from service contracts is comprised of variable consideration that is based on a percentage of assets under management or another variable metric and is recognized as revenue when it is highly probable that a significant reversal in the amount of the revenue recognized will not occur.
Income Taxes	Income Taxes Current income tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from or paid to the taxation authorities. Deferred income tax is provided using the liability method on temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Current and deferred income tax relating to items recognized in the current or previous period in OCI or directly in equity is accordingly recognized in OCI or equity and not in our Consolidated Statements of Operations. Interest and penalties payable to taxation authorities are recorded in Interest expense and Operating expenses, respectively, in our Consolidated Statements of Operations. Deferred income tax assets and liabilities are calculated based on income tax rates and laws that are expected to apply when the liability is settled or the asset is realized, which are normally those enacted or considered substantively enacted at the reporting date. Deferred income tax assets are recognized for all deductible temporary differences, carry forward of unused tax credits and unused tax losses to the extent that future taxable profit is expected to be available against which these assets can be utilized. At each reporting period, we assess all available evidence, both positive and negative, to determine the amount of deferred income tax assets to be recognized. The recognition of deferred income tax assets requires estimates and significant judgment about future events, such as projections of future taxable profits, based on the information available at the reporting date. The determination of the required provision for current and deferred income taxes requires that we interpret tax legislation in the jurisdictions in which we operate. For each reporting period, our income tax provision reflects our best estimate, based on the information available at the reporting date, of tax positions that are under audit or appeal by relevant tax authorities. To the extent that our estimate of tax positions or the timing of realization of deferred income tax assets or liabilities are not as expected, the provision for income taxes may increase or decrease in the future to reflect the actual experience. Deferred income tax is provided on temporary differences arising on investments in subsidiaries, joint ventures and associates, except where we control the timing of the reversal of the temporary difference and it is apparent that the temporary difference will not reverse in the foreseeable future. No deferred income tax asset or liability is recognized in relation to temporary differences that arise from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, did not affect either the accounting profit or taxable profit or loss. Deferred income tax assets and deferred income tax liabilities are offset if a legally enforceable right exists to set off current tax assets against current tax liabilities, the deferred income taxes relate to the same taxable entity and the same taxation authority and we intend either to settle on a net basis, or to realize the asset and settle the liability simultaneously.
Pension Plans and Other Post-Retirement Benefits	Pension Plans and Other Post-Retirement Benefits For defined benefit plans, the present value of the defined benefit obligation is calculated by independent actuaries using the projected unit credit method, and actuarial assumptions that represent best estimates of future variables that will affect the ultimate cost of these obligations. The discount rate used for our significant defined benefit plans is determined with reference to market yields of high-quality corporate bonds that are denominated in the same currency in which the benefits will be paid, and that have terms to maturity approximating the terms of obligations. Plan assets are measured at fair value and are held in separate trustee administered funds or as qualifying insurance contracts. The difference between the fair value of the plan assets and the present value of the defined benefit obligation is recognized on the Consolidated Statements of Financial Position as an asset or liability in Other assets or Other liabilities, respectively. Costs charged to our Consolidated Statements of Operations include current service cost, any past service costs, any gains or losses from curtailments or settlements, and interest on the net defined benefit liability (asset). Remeasurement of the net defined benefit liability (asset), which includes the impact of changes to the actuarial assumptions underlying the liability calculations, liability experience gains or losses, the difference between the return on plan assets and the amount included in the interest on the net defined benefit liability (asset), is reflected immediately in OCI. The calculation of the defined benefit expenses and obligations requires judgment as the recognition is dependent on various actuarial assumptions such as discount rates, health care cost trend rates and projected compensation increases. These key assumptions are discussed in Note 24.
Dividends	Dividends Dividends payable to holders of shares of SLF Inc. are recognized in the period in which they are authorized or approved. Dividends that have been reinvested in additional common shares under the Dividend Reinvestment and Share Purchase Plan ("DRIP") are also reflected as dividends within retained earnings. Where SLF Inc. has issued common shares from treasury under the DRIP, the additional shares have been reflected in common shares.
Share-Based Payments	Share-Based Payments Stock options of SLF Inc. granted to employees are accounted for as equity-settled share-based payment transactions. The total compensation expense for stock options is computed based on the fair value of the stock option at the date of grant and the estimated number of options expected to vest at the end of the vesting period. The expense is recognized over the vesting period as compensation expense in Operating expenses in our Consolidated Statements of Operations, with an offset to contributed surplus in our Consolidated Statements of Changes in Equity. When options are exercised, new common shares are issued, contributed surplus is reversed and the common shares issued are credited to common shares in our Consolidated Statements of Changes in Equity. Other share-based payment plans based on the value of SLF Inc.’s common shares are accounted for as cash-settled share-based payment transactions. The total liabilities for these plans are computed based on the estimated number of awards expected to vest at the end of the vesting period. The liabilities are recomputed at the end of each reporting period and are measured at the fair value of the award at that reporting date. The liabilities are accrued and expensed on a straight-line basis over the vesting periods. The liabilities are settled in cash at the end of the vesting period. Share-based payment awards within MFS Investment Management ("MFS"), which are based on their own shares, are accounted for as cash-settled share-based payment awards. The vested and unvested awards, as well as the shares that have been issued under these plans, are recognized as liabilities because MFS has a practice of purchasing the issued shares from employees after a specified holding period. The total liabilities for these plans are computed based on the estimated number of awards expected to vest at the end of the vesting period. The liabilities are accrued over the vesting period and are measured at fair value at each reporting period with the change in fair value recognized as compensation expense in Operating expenses in our Consolidated Statements of Operations. The liabilities are settled in cash when the shares are purchased from the employees.
Basic and Diluted Earnings Per Share ("EPS")	Basic and Diluted Earnings Per Share ("EPS") Basic EPS is calculated by dividing the common shareholders’ net income by the weighted average number of common shares issued and outstanding. Diluted EPS adjusts common shareholders’ net income and the weighted average number of common shares for the effects of all dilutive potential common shares under the assumption that convertible instruments are converted and that outstanding options are exercised. Diluted EPS is calculated by dividing the adjusted common shareholders’ net income by the adjusted weighted average number of common shares outstanding. For convertible instruments, common shareholders’ net income is increased by the after-tax expense on the convertible instrument while the weighted average common shares are increased by the number of common shares that would be issued at conversion. For stock options, it is assumed that the proceeds from the exercise of options whose exercise price is less than the average market price of common shares during the period are used to repurchase common shares at the average market price for the period. The difference between the number of common shares issued for the exercise of the dilutive options and the number of common shares that would have been repurchased at the average market price of the common shares during the period is adjusted to the weighted average number of common shares outstanding.

Material Accounting Policies (T

Material Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2024
Corporate information and statement of IFRS compliance [abstract]
Schedule of significant estimates and judgments	Significant estimates and judgments have been made in the following areas and are discussed as noted: Insurance contract and investment contract assumptions and measurement Note 1 Insurance Contracts and Investment Contract Liabilities Note 10 Insurance Contracts Determination of fair value Note 1 Basis of Consolidation Note 1 Determination of Fair Value Note 3 Acquisitions and Other Note 5 Total Invested Assets and Related Net Investment Income Determination of fair value of insurance contracts on transition for adoption of IFRS 17 Note 1 Insurance Contracts Income taxes Note 1 Income Taxes Note 19 Income Taxes Pension plans Note 1 Pension Plans and Other Post-Retirement Benefits Note 24 Pension Plans and Other Post-Retirement Benefits Goodwill and intangible assets on acquisition and impairment Note 1 Goodwill Note 1 Intangible Assets Note 3 Acquisitions and Other Note 9 Goodwill and Intangible Assets Determination of control for purpose of consolidation Note 1 Basis of Consolidation Note 15 Interests in Other Entities Share-based payments Note 18 Share-Based Payments
Schedule of financial assets	IFRS 9 Cash, cash equivalents and short-term securities FVTPL Debt securities FVTPL, FVOCI Equity securities FVTPL, FVOCI Mortgages and loans FVTPL, FVOCI, Amortized cost Other financial invested assets FVTPL The carrying values and fair values of our financial assets and liabilities are shown in the following table: As at December 31, 2024 December 31, 2023 Carrying value Fair value Carrying value Fair value Financial assets Cash, cash equivalents and short-term securities – FVTPL $ 13,873 $ 13,873 $ 13,173 $ 13,173 Debt securities – FVTPL (1) 68,106 68,106 61,180 61,180 Debt securities – FVOCI 13,849 13,849 14,313 14,313 Equity securities – FVTPL 9,900 9,900 7,070 7,070 Equity securities – FVOCI 74 74 68 68 Mortgages and loans – FVTPL (2) 53,233 53,233 50,552 50,552 Mortgages and loans – FVOCI 2,525 2,525 1,948 1,948 Mortgages and loans – Amortized cost (3) 1,861 1,814 2,100 2,006 Derivative assets – FVTPL 1,971 1,971 2,183 2,183 Other financial invested assets (excluding CLOs) – FVTPL (4) 7,950 7,950 6,883 6,883 Other financial invested assets (CLOs) – FVTPL (7) 5,356 5,356 3,478 3,478 Total (5) $ 178,698 $ 178,651 $ 162,948 $ 162,854 Financial liabilities Investment contract liabilities – Amortized cost $ 11,678 $ 11,678 $ 11,672 $ 11,672 Obligations for securities borrowing – FVTPL 239 239 223 223 Derivative liabilities – FVTPL 2,077 2,077 1,311 1,311 Other financial liabilities – Amortized cost (6) 2,265 2,214 2,449 2,348 Other financial liabilities (CLOs) – FVTPL (7) 5,028 5,028 3,247 3,247 Total (8) $ 21,287 $ 21,236 $ 18,902 $ 18,801 (1) Includes primarily debt securities that are designated at FVTPL. (2) Includes primarily mortgages and loans that are designated at FVTPL. (3) Certain mortgages and loans are carried at amortized cost. The fair value of these mortgages and loans, for disclosure purposes, is determined based on the methodology and assumptions described in Note 5.A.iii. As at December 31, 2024, $1,787 and $27 are categorized in Level 2 and Level 3, respectively, of the fair value hierarchy described in this Note (December 31, 2023 — $1,994 and $12, respectively). (4) Other financial invested assets include our investments in segregated funds, mutual funds, and limited partnerships. (5) Invested assets on our Consolidated Statements of Financial Position of $189,817 (December 31, 2023 — $174,328) includes Total financial assets in this table, Investment properties of $9,290 (December 31, 2023 — $9,723), and Other non-financial invested assets of $1,829 (December 31, 2023 — $1,657). Other non-financial invested assets consist of investment in associates, subsidiaries and joint ventures which are not consolidated. (6) Amount reflects the obligations to purchase outstanding shares of certain SLC Management subsidiaries. (7) See below for details on CLOs. (8) Total financial liabilities excluding Senior debentures (Note 12) and Subordinated debt (Note 13). The following table provides a reconciliation of the beginning and ending balances for assets that are categorized in Level 3: For the years ended Debt securities at FVTPL Debt Equity Equity Securities at FVOCI Mortgages and loans at FVTPL Mortgages and loans at FVOCI Other financial invested assets at FVTPL Investment properties at FVTPL Total invested assets measured at fair value Investments for account of segregated fund holders Total assets measured at fair value December 31, 2024 Beginning balance $ 402 $ 187 $ 113 $ 68 $ 2,056 $ — $ 6,074 $ 9,723 $ 18,623 $ 341 $ 18,964 Included in net income (1)(2)(3) 2 — 20 — 33 — 251 (455) (149) (8) (157) Included in OCI (2) — 5 — — — — — — 5 — 5 Purchases / Issuances 436 335 77 — 240 22 825 146 2,081 173 2,254 Sales / Payments (48) (47) (1) — (133) — (389) (255) (873) (62) (935) Settlements (37) (50) — — (21) — — — (108) (1) (109) Transfers into Level 3 (4) 117 62 — — 439 6 — — 624 — 624 Transfers (out) of Level 3 (4) (367) (341) — — (320) (15) (15) — (1,058) — (1,058) Foreign currency translation (5) 12 — 2 6 6 — 134 131 291 16 307 Ending balance $ 517 $ 151 $ 211 $ 74 $ 2,300 $ 13 $ 6,880 $ 9,290 $ 19,436 $ 459 $ 19,895 Unrealized gains (losses) included in earnings relating to instruments still held (1) $ (6) $ — $ 19 $ — $ 30 $ — $ 247 $ (369) $ (79) $ — $ (79) December 31, 2023 Beginning balance $ 394 $ 52 $ 101 $ 70 $ 2,054 $ 16 $ 5,555 $ 10,102 $ 18,344 $ 631 $ 18,975 Included in net income (1)(2)(3) 9 — 13 — 119 (8) (169) (520) (556) (15) (571) Included in OCI (2) — 3 — — — 1 — — 4 — 4 Purchases / Issuances 211 153 18 — 293 8 984 391 2,058 173 2,231 Sales / Payments (8) (6) (19) (1) (75) (17) (261) (220) (607) (444) (1,051) Settlements (6) (6) — — (7) — — — (19) (1) (20) Transfers into Level 3 (4) 8 — — — 382 — — — 390 — 390 Transfers (out) of Level 3 (4) (200) (8) — — (710) — — — (918) — (918) Foreign currency translation (5) (6) (1) — (1) — — (35) (30) (73) (3) (76) Ending balance $ 402 $ 187 $ 113 $ 68 $ 2,056 $ — $ 6,074 $ 9,723 $ 18,623 $ 341 $ 18,964 Unrealized gains (losses) included in earnings relating to instruments still held (1) $ 5 $ — $ 9 $ — $ 112 $ (8) $ (170) $ (522) $ (574) $ (18) $ (592) (1) Included in Net investment income (loss) in our Consolidated Statements of Operations for Total invested assets measured at fair value. (2) Total gains and losses in net income (loss) and OCI are calculated assuming transfers into or out of Level 3 occur at the beginning of the period. For an asset or liability that transfers into Level 3 during the reporting period, the entire change in fair value for the period is included in the table above. For transfers out of Level 3 during the reporting period, the change in fair value for the period is excluded from the table above. (3) Investment properties included in net income is comprised of fair value changes on investment properties of $(383) (2023 — $(486)), net of amortization of leasing commissions and tenant inducements of $72 (2023 — $34). As at December 31, 2024, we have used assumptions that reflect known changes in the property values including changes in expected future cash flows. (4) Transfers into Level 3 occur when the inputs used to price the assets and liabilities lack observable market data, and as a result, no longer meet the Level 1 or 2 definitions at the reporting date. Transfers out of Level 3 occur when the pricing inputs become more transparent and satisfy the Level 1 or 2 criteria and are primarily the result of observable market data being available at the reporting date, thus removing the requirement to rely on inputs that lack observability. (5) Foreign currency translation relates to the foreign exchange impact of translating Level 3 assets and liabilities of foreign subsidiaries from their functional currencies to Canadian dollars. Cash, cash equivalents and short-term securities presented in our Consolidated Statements of Financial Position and Net cash, cash equivalents and short-term securities presented in our Consolidated Statements of Cash Flows consist of the following: As at December 31, 2024 2023 Cash $ 2,294 $ 2,001 Cash equivalents 7,835 9,169 Short-term securities 3,744 2,003 Cash, cash equivalents and short-term securities 13,873 13,173 Less: Bank overdraft, recorded in Other liabilities 175 — Net cash, cash equivalents and short-term securities $ 13,698 $ 13,173 The carrying value of debt securities by geographic location is shown in the following table. The geographic location is based on the country of the creditor's parent. As at December 31, 2024 2023 FVTPL FVOCI Total debt securities FVTPL FVOCI Total debt securities Canada $ 34,472 $ 3,614 $ 38,086 $ 30,180 $ 4,339 $ 34,519 United States 20,986 6,486 27,472 20,111 6,266 26,377 United Kingdom 1,320 561 1,881 1,224 517 1,741 Other 11,328 3,188 14,516 9,665 3,191 12,856 Total debt securities $ 68,106 $ 13,849 $ 81,955 $ 61,180 $ 14,313 $ 75,493 The carrying value of debt securities by issuer and industry sector is shown in the following table: As at December 31, 2024 2023 FVTPL FVOCI Total debt FVTPL FVOCI Total debt Debt securities issued or guaranteed by: Canadian federal government $ 6,803 $ 734 $ 7,537 $ 5,161 $ 849 $ 6,010 Canadian provincial and municipal government 15,302 353 15,655 13,694 557 14,251 U.S. government and agency 626 509 1,135 712 658 1,370 Other foreign government 3,796 413 4,209 3,329 473 3,802 Total government issued or guaranteed debt securities 26,527 2,009 28,536 22,896 2,537 25,433 Corporate debt securities by industry sector: Financials 8,659 2,893 11,552 8,171 2,889 11,060 Utilities 6,859 763 7,622 6,244 815 7,059 Industrials 4,424 951 5,375 4,510 979 5,489 Energy 3,258 446 3,704 2,793 479 3,272 Communication services 2,647 373 3,020 2,727 422 3,149 Real estate 1,882 423 2,305 1,987 538 2,525 Health care 1,644 363 2,007 1,625 413 2,038 Consumer staples 1,301 256 1,557 1,490 315 1,805 Consumer discretionary 1,011 747 1,758 950 776 1,726 Information technology 890 202 1,092 730 174 904 Materials 819 202 1,021 922 180 1,102 Total corporate debt securities 33,394 7,619 41,013 32,149 7,980 40,129 Asset-backed securities 8,185 4,221 12,406 6,135 3,796 9,931 Total debt securities $ 68,106 $ 13,849 $ 81,955 $ 61,180 $ 14,313 $ 75,493 The carrying value of mortgages and loans by geographic location and type is shown in the following tables. The geographic location for mortgages is based on location of property, while for corporate loans it is based on the country of the creditor's parent. As at December 31, 2024 Canada United States United Kingdom Other Total Mortgages: Retail $ 1,398 $ 1,169 $ — $ — $ 2,567 Office 1,385 1,248 — — 2,633 Multi-family residential 3,451 1,048 — — 4,499 Industrial 2,369 1,314 — — 3,683 Other 799 49 208 — 1,056 Total mortgages (1) $ 9,402 $ 4,828 $ 208 $ — $ 14,438 Loans $ 12,560 $ 18,856 $ 4,478 $ 7,287 $ 43,181 Total mortgages and loans $ 21,962 $ 23,684 $ 4,686 $ 7,287 $ 57,619 (1) $3,630 of mortgages in Canada are insured by the CMHC. As at December 31, 2023 Canada United States United Kingdom Other Total Mortgages: Retail $ 1,376 $ 1,182 $ — $ — $ 2,558 Office 1,500 1,254 — — 2,754 Multi-family residential 3,838 1,001 — — 4,839 Industrial 1,839 1,115 — — 2,954 Other 824 57 159 — 1,040 Total mortgages (1) $ 9,377 $ 4,609 $ 159 $ — $ 14,145 Loans $ 12,924 $ 17,086 $ 4,089 $ 6,356 $ 40,455 Total mortgages and loans $ 22,301 $ 21,695 $ 4,248 $ 6,356 $ 54,600 (1) $4,023 of mortgages in Canada are insured by the CMHC. The contractual maturities of debt securities are shown in the following table. Actual maturities could differ from contractual maturities because of the borrower's right to call or extend or right to prepay obligations, with or without prepayment penalties. As at December 31, 2024 2023 FVTPL FVOCI Total debt securities FVTPL FVOCI Total debt securities Due in 1 year or less $ 1,932 $ 2,385 $ 4,317 $ 1,697 $ 3,079 $ 4,776 Due in years 2-5 9,733 6,496 16,229 8,763 6,272 15,035 Due in years 6-10 10,662 1,922 12,584 9,513 2,199 11,712 Due after 10 years 45,779 3,046 48,825 41,207 2,763 43,970 Total debt securities $ 68,106 $ 13,849 $ 81,955 $ 61,180 $ 14,313 $ 75,493 The carrying value of mortgages by scheduled maturity, before the allowance for ECL, is as follows: As at December 31, 2024 2023 FVTPL FVOCI Amortized cost Total FVTPL FVOCI Amortized cost Total Due in 1 year or less $ 1,344 $ 66 $ 283 $ 1,693 $ 852 $ 58 $ 171 $ 1,081 Due in years 2-5 5,745 340 929 7,014 5,605 222 1,129 6,956 Due in years 6-10 3,814 8 343 4,165 3,510 8 495 4,013 Due after 10 years 1,563 3 — 1,566 2,093 3 — 2,096 Total mortgages $ 12,466 $ 417 $ 1,555 $ 14,438 $ 12,060 $ 291 $ 1,795 $ 14,146 The carrying value of loans by scheduled maturity, before the allowance for ECL, is as follows: As at December 31, 2024 2023 FVTPL FVOCI Amortized cost Total FVTPL FVOCI Amortized cost Total Due in 1 year or less $ 2,262 $ 324 $ 100 $ 2,686 $ 2,285 $ 257 $ 126 $ 2,668 Due in years 2-5 7,863 1,240 199 9,302 6,768 966 163 7,897 Due in years 6-10 10,354 494 21 10,869 9,177 401 27 9,605 Due after 10 years 20,288 50 — 20,338 20,262 33 — 20,295 Total loans $ 40,767 $ 2,108 $ 320 $ 43,195 $ 38,492 $ 1,657 $ 316 $ 40,465

Acquisitions and Other (Tables)

Acquisitions and Other (Tables)	12 Months Ended
	Dec. 31, 2024
Disclosure of detailed information about business combination [abstract]
Schedule of Fair values of identifiable assets and liabilities acquired	The fair values of the identifiable assets and liabilities acquired were: As at October 3, 2023 (1) Intangible assets $ 193 Net assets 32 Liabilities (2) (36) Total identifiable net assets at fair value 189 Goodwill arising on acquisition (3) 161 Existing ownership interest (78) Total consideration $ 272 (1) The fair values of the identifiable assets and liabilities were subject to refinement and have been adjusted. (2) Liabilities comprise of deferred tax liability and other liability representing minority interest. (3) Goodwill primarily reflects expected synergies and economies of scale with our existing business within Sun Life Health in Canada. Goodwill is not tax deductible. The fair values of the identifiable assets and liabilities acquired were: As at February 1, 2023 (1) Intangible assets $ 385 Net assets 44 Deferred tax liability (100) Total identifiable net assets at fair value 329 Goodwill arising on acquisition (2) 134 Non-controlling interests (3) (213) Total consideration $ 250 (1) The fair values of the identifiable assets and liabilities were subject to refinement and have been adjusted. (2) Goodwill primarily reflects non-contractual customer relationships, including synergies from the combination of AAM with our existing investment management relationships within our Asset Management segment. Goodwill is not tax deductible. (3) We have elected to measure NCI at fair value for this acquisition. The fair value was determined by calculating the proportionate share of the present value of future cash flows relating to NCI. Significant assumptions inherent in the valuation of NCI include the estimated after-tax cash flows expected to be received and an assessment of the appropriate discount rate.
Schedule of details of the disposition	The details of the disposition are summarized as follows: As at April 3, 2023 Cash consideration $ 418 Less: Net assets (359) Less: Foreign currency translation, transaction costs, and other adjustments (47) Total gain recognized in Total net income in 2023 $ 12
Schedule of Impact of acquisition on assets, liabilities, and equity	As at February 1, 2023 Share purchase Put option adjustments Total Cash consideration $ (250) $ — $ (250) Intangible assets 384 — 384 Goodwill arising on acquisition 135 — 135 Net assets 44 — 44 Total assets $ 313 $ — $ 313 Deferred tax liability $ (100) $ — $ (100) Other financial liabilities — put option — (369) (369) Total liabilities $ (100) $ (369) $ (469) Non-controlling interests $ (213) $ 213 $ — Retained earnings — 156 156 Total equity $ (213) $ 369 $ 156

Segmented Information (Tables)

Segmented Information (Tables)	12 Months Ended
	Dec. 31, 2024
Operating Segments [Abstract]
Schedule of Results of operating segments	For the years ended Canada U.S. Asset Management Asia Corporate Consolidation adjustments Total December 31, 2024 Insurance revenue: Annuities $ 2,063 $ 307 $ — $ 25 $ — $ — $ 2,395 Life insurance 2,324 2,008 — 1,279 9 — 5,620 Health insurance 4,391 9,981 — 250 — — 14,622 Total Insurance revenue 8,778 12,296 — 1,554 9 — 22,637 Net investment income (loss) 5,039 316 281 1,648 233 (102) 7,415 Fee income 1,771 489 6,391 329 162 (561) 8,581 Segment revenue (1) 15,588 13,101 6,672 3,531 404 (663) 38,633 Expenses: Insurance service expenses 7,309 11,345 — 974 3 — 19,631 Reinsurance contract held net (income) expenses 4 (145) — 56 — — (85) Insurance finance (income) expenses from insurance contracts issued 3,843 63 — 1,233 — — 5,139 Reinsurance finance (income) expenses 81 (121) — (11) — — (51) (Decrease) increase in investment contract liabilities 390 — — 3 — — 393 Other income (2) — — (163) — — — (163) Interest expenses 262 116 172 105 123 (114) 664 Operating expenses and commissions 1,989 1,127 4,596 701 902 (549) 8,766 Total expenses (1) 13,878 12,385 4,605 3,061 1,028 (663) 34,294 Income (loss) before income taxes 1,710 716 2,067 470 (624) — 4,339 Less: Income tax expense (benefit) 395 133 411 124 (23) — 1,040 Total net income (loss) 1,315 583 1,656 346 (601) — 3,299 Less: Net income (loss) allocated to the participating account 98 27 — (83) — — 42 Net income (loss) attributable to non-controlling interests — — 128 — — — 128 Shareholders' net income (loss) $ 1,217 $ 556 $ 1,528 $ 429 $ (601) $ — $ 3,129 December 31, 2023 Insurance revenue: Annuities $ 1,916 $ 222 $ — $ 22 $ 98 $ — $ 2,258 Life insurance 2,165 1,999 — 1,210 (18) — 5,356 Health insurance 4,084 9,500 — 153 5 — 13,742 Total Insurance revenue 8,165 11,721 — 1,385 85 — 21,356 Net investment income (loss) 7,514 1,321 187 2,347 312 (95) 11,586 Fee income 1,483 458 5,953 300 141 (503) 7,832 Segment revenue (1) 17,162 13,500 6,140 4,032 538 (598) 40,774 Expenses: Insurance service expenses 6,855 10,522 — 972 101 — 18,450 Reinsurance contract held net (income) expenses 164 (100) — 7 (2) — 69 Insurance finance (income) expenses from insurance contracts issued 6,415 1,250 — 1,897 113 — 9,675 Reinsurance finance (income) expenses 2 (57) — (4) — — (59) (Decrease) increase in investment contract liabilities 326 — — 5 — — 331 Other income (102) — — — (67) — (169) Interest expenses 160 107 158 74 149 (96) 552 Operating expenses and commissions 1,751 1,031 4,480 489 746 (502) 7,995 Total expenses (1) 15,571 12,753 4,638 3,440 1,040 (598) 36,844 Income (loss) before income taxes 1,591 747 1,502 592 (502) — 3,930 Less: Income tax expense (benefit) 275 148 309 (10) (261) — 461 Total net income (loss) 1,316 599 1,193 602 (241) — 3,469 Less: Net income (loss) allocated to the participating account 64 23 — 91 — — 178 Net income (loss) attributable to non-controlling interests — — 126 — — — 126 Shareholders' net income (loss) $ 1,252 $ 576 $ 1,067 $ 511 $ (241) $ — $ 3,165 (1) Segment revenue and Total expenses exclude Investment result for insurance contracts for account of segregated fund holders. (2) Relates to the early termination of a distribution agreement. We recognized income of $163 (pre-tax) and $46 (net of taxes, NCI impact and others). Assets and liabilities by segment are as follows: Canada U.S. Asset Asia Corporate Consolidation Total As at December 31, 2024 Total general fund assets $ 120,987 $ 37,006 $ 11,066 $ 43,158 $ 10,044 $ (326) $ 221,935 Investments for account of segregated fund holders $ 140,900 $ 429 $ — $ 7,457 $ — $ — $ 148,786 Total general fund liabilities $ 114,300 $ 30,495 $ 7,858 $ 37,780 $ 5,699 $ (326) $ 195,806 As at December 31, 2023 Total general fund assets $ 114,838 $ 34,820 $ 9,979 $ 37,405 $ 8,804 $ (1,057) $ 204,789 Investments for account of segregated fund holders $ 120,963 $ 414 $ — $ 7,075 $ — $ — $ 128,452 Total general fund liabilities $ 107,629 $ 28,860 $ 7,434 $ 31,866 $ 5,857 $ (1,057) $ 180,589
Schedule of Disclosure of geographical areas	The following table shows revenue by country for Asset Management and Corporate: Asset Management Corporate For the years ended December 31, 2024 2023 2024 2023 Revenue: United States $ 5,995 $ 5,438 $ 180 $ 92 United Kingdom 245 262 — 259 Canada 282 327 53 57 Other countries 150 113 171 130 Segment revenue $ 6,672 $ 6,140 $ 404 $ 538 The following table shows total assets by country for Asset Management and Corporate: Asset Management Corporate As at December 31, 2024 2023 2024 2023 Total general fund assets: United States $ 9,027 $ 8,118 $ 5,161 $ 4,973 United Kingdom 1,047 935 — — Canada 785 658 4,758 3,643 Other countries 207 268 125 188 Total general fund assets $ 11,066 $ 9,979 $ 10,044 $ 8,804

Total Invested Assets and Rel_2

Total Invested Assets and Related Net Investment Income (Tables)	12 Months Ended
	Dec. 31, 2024
Fair Value Measurement [Abstract]
Schedule of financial assets	IFRS 9 Cash, cash equivalents and short-term securities FVTPL Debt securities FVTPL, FVOCI Equity securities FVTPL, FVOCI Mortgages and loans FVTPL, FVOCI, Amortized cost Other financial invested assets FVTPL The carrying values and fair values of our financial assets and liabilities are shown in the following table: As at December 31, 2024 December 31, 2023 Carrying value Fair value Carrying value Fair value Financial assets Cash, cash equivalents and short-term securities – FVTPL $ 13,873 $ 13,873 $ 13,173 $ 13,173 Debt securities – FVTPL (1) 68,106 68,106 61,180 61,180 Debt securities – FVOCI 13,849 13,849 14,313 14,313 Equity securities – FVTPL 9,900 9,900 7,070 7,070 Equity securities – FVOCI 74 74 68 68 Mortgages and loans – FVTPL (2) 53,233 53,233 50,552 50,552 Mortgages and loans – FVOCI 2,525 2,525 1,948 1,948 Mortgages and loans – Amortized cost (3) 1,861 1,814 2,100 2,006 Derivative assets – FVTPL 1,971 1,971 2,183 2,183 Other financial invested assets (excluding CLOs) – FVTPL (4) 7,950 7,950 6,883 6,883 Other financial invested assets (CLOs) – FVTPL (7) 5,356 5,356 3,478 3,478 Total (5) $ 178,698 $ 178,651 $ 162,948 $ 162,854 Financial liabilities Investment contract liabilities – Amortized cost $ 11,678 $ 11,678 $ 11,672 $ 11,672 Obligations for securities borrowing – FVTPL 239 239 223 223 Derivative liabilities – FVTPL 2,077 2,077 1,311 1,311 Other financial liabilities – Amortized cost (6) 2,265 2,214 2,449 2,348 Other financial liabilities (CLOs) – FVTPL (7) 5,028 5,028 3,247 3,247 Total (8) $ 21,287 $ 21,236 $ 18,902 $ 18,801 (1) Includes primarily debt securities that are designated at FVTPL. (2) Includes primarily mortgages and loans that are designated at FVTPL. (3) Certain mortgages and loans are carried at amortized cost. The fair value of these mortgages and loans, for disclosure purposes, is determined based on the methodology and assumptions described in Note 5.A.iii. As at December 31, 2024, $1,787 and $27 are categorized in Level 2 and Level 3, respectively, of the fair value hierarchy described in this Note (December 31, 2023 — $1,994 and $12, respectively). (4) Other financial invested assets include our investments in segregated funds, mutual funds, and limited partnerships. (5) Invested assets on our Consolidated Statements of Financial Position of $189,817 (December 31, 2023 — $174,328) includes Total financial assets in this table, Investment properties of $9,290 (December 31, 2023 — $9,723), and Other non-financial invested assets of $1,829 (December 31, 2023 — $1,657). Other non-financial invested assets consist of investment in associates, subsidiaries and joint ventures which are not consolidated. (6) Amount reflects the obligations to purchase outstanding shares of certain SLC Management subsidiaries. (7) See below for details on CLOs. (8) Total financial liabilities excluding Senior debentures (Note 12) and Subordinated debt (Note 13). The following table provides a reconciliation of the beginning and ending balances for assets that are categorized in Level 3: For the years ended Debt securities at FVTPL Debt Equity Equity Securities at FVOCI Mortgages and loans at FVTPL Mortgages and loans at FVOCI Other financial invested assets at FVTPL Investment properties at FVTPL Total invested assets measured at fair value Investments for account of segregated fund holders Total assets measured at fair value December 31, 2024 Beginning balance $ 402 $ 187 $ 113 $ 68 $ 2,056 $ — $ 6,074 $ 9,723 $ 18,623 $ 341 $ 18,964 Included in net income (1)(2)(3) 2 — 20 — 33 — 251 (455) (149) (8) (157) Included in OCI (2) — 5 — — — — — — 5 — 5 Purchases / Issuances 436 335 77 — 240 22 825 146 2,081 173 2,254 Sales / Payments (48) (47) (1) — (133) — (389) (255) (873) (62) (935) Settlements (37) (50) — — (21) — — — (108) (1) (109) Transfers into Level 3 (4) 117 62 — — 439 6 — — 624 — 624 Transfers (out) of Level 3 (4) (367) (341) — — (320) (15) (15) — (1,058) — (1,058) Foreign currency translation (5) 12 — 2 6 6 — 134 131 291 16 307 Ending balance $ 517 $ 151 $ 211 $ 74 $ 2,300 $ 13 $ 6,880 $ 9,290 $ 19,436 $ 459 $ 19,895 Unrealized gains (losses) included in earnings relating to instruments still held (1) $ (6) $ — $ 19 $ — $ 30 $ — $ 247 $ (369) $ (79) $ — $ (79) December 31, 2023 Beginning balance $ 394 $ 52 $ 101 $ 70 $ 2,054 $ 16 $ 5,555 $ 10,102 $ 18,344 $ 631 $ 18,975 Included in net income (1)(2)(3) 9 — 13 — 119 (8) (169) (520) (556) (15) (571) Included in OCI (2) — 3 — — — 1 — — 4 — 4 Purchases / Issuances 211 153 18 — 293 8 984 391 2,058 173 2,231 Sales / Payments (8) (6) (19) (1) (75) (17) (261) (220) (607) (444) (1,051) Settlements (6) (6) — — (7) — — — (19) (1) (20) Transfers into Level 3 (4) 8 — — — 382 — — — 390 — 390 Transfers (out) of Level 3 (4) (200) (8) — — (710) — — — (918) — (918) Foreign currency translation (5) (6) (1) — (1) — — (35) (30) (73) (3) (76) Ending balance $ 402 $ 187 $ 113 $ 68 $ 2,056 $ — $ 6,074 $ 9,723 $ 18,623 $ 341 $ 18,964 Unrealized gains (losses) included in earnings relating to instruments still held (1) $ 5 $ — $ 9 $ — $ 112 $ (8) $ (170) $ (522) $ (574) $ (18) $ (592) (1) Included in Net investment income (loss) in our Consolidated Statements of Operations for Total invested assets measured at fair value. (2) Total gains and losses in net income (loss) and OCI are calculated assuming transfers into or out of Level 3 occur at the beginning of the period. For an asset or liability that transfers into Level 3 during the reporting period, the entire change in fair value for the period is included in the table above. For transfers out of Level 3 during the reporting period, the change in fair value for the period is excluded from the table above. (3) Investment properties included in net income is comprised of fair value changes on investment properties of $(383) (2023 — $(486)), net of amortization of leasing commissions and tenant inducements of $72 (2023 — $34). As at December 31, 2024, we have used assumptions that reflect known changes in the property values including changes in expected future cash flows. (4) Transfers into Level 3 occur when the inputs used to price the assets and liabilities lack observable market data, and as a result, no longer meet the Level 1 or 2 definitions at the reporting date. Transfers out of Level 3 occur when the pricing inputs become more transparent and satisfy the Level 1 or 2 criteria and are primarily the result of observable market data being available at the reporting date, thus removing the requirement to rely on inputs that lack observability. (5) Foreign currency translation relates to the foreign exchange impact of translating Level 3 assets and liabilities of foreign subsidiaries from their functional currencies to Canadian dollars. Cash, cash equivalents and short-term securities presented in our Consolidated Statements of Financial Position and Net cash, cash equivalents and short-term securities presented in our Consolidated Statements of Cash Flows consist of the following: As at December 31, 2024 2023 Cash $ 2,294 $ 2,001 Cash equivalents 7,835 9,169 Short-term securities 3,744 2,003 Cash, cash equivalents and short-term securities 13,873 13,173 Less: Bank overdraft, recorded in Other liabilities 175 — Net cash, cash equivalents and short-term securities $ 13,698 $ 13,173 The carrying value of debt securities by geographic location is shown in the following table. The geographic location is based on the country of the creditor's parent. As at December 31, 2024 2023 FVTPL FVOCI Total debt securities FVTPL FVOCI Total debt securities Canada $ 34,472 $ 3,614 $ 38,086 $ 30,180 $ 4,339 $ 34,519 United States 20,986 6,486 27,472 20,111 6,266 26,377 United Kingdom 1,320 561 1,881 1,224 517 1,741 Other 11,328 3,188 14,516 9,665 3,191 12,856 Total debt securities $ 68,106 $ 13,849 $ 81,955 $ 61,180 $ 14,313 $ 75,493 The carrying value of debt securities by issuer and industry sector is shown in the following table: As at December 31, 2024 2023 FVTPL FVOCI Total debt FVTPL FVOCI Total debt Debt securities issued or guaranteed by: Canadian federal government $ 6,803 $ 734 $ 7,537 $ 5,161 $ 849 $ 6,010 Canadian provincial and municipal government 15,302 353 15,655 13,694 557 14,251 U.S. government and agency 626 509 1,135 712 658 1,370 Other foreign government 3,796 413 4,209 3,329 473 3,802 Total government issued or guaranteed debt securities 26,527 2,009 28,536 22,896 2,537 25,433 Corporate debt securities by industry sector: Financials 8,659 2,893 11,552 8,171 2,889 11,060 Utilities 6,859 763 7,622 6,244 815 7,059 Industrials 4,424 951 5,375 4,510 979 5,489 Energy 3,258 446 3,704 2,793 479 3,272 Communication services 2,647 373 3,020 2,727 422 3,149 Real estate 1,882 423 2,305 1,987 538 2,525 Health care 1,644 363 2,007 1,625 413 2,038 Consumer staples 1,301 256 1,557 1,490 315 1,805 Consumer discretionary 1,011 747 1,758 950 776 1,726 Information technology 890 202 1,092 730 174 904 Materials 819 202 1,021 922 180 1,102 Total corporate debt securities 33,394 7,619 41,013 32,149 7,980 40,129 Asset-backed securities 8,185 4,221 12,406 6,135 3,796 9,931 Total debt securities $ 68,106 $ 13,849 $ 81,955 $ 61,180 $ 14,313 $ 75,493 The carrying value of mortgages and loans by geographic location and type is shown in the following tables. The geographic location for mortgages is based on location of property, while for corporate loans it is based on the country of the creditor's parent. As at December 31, 2024 Canada United States United Kingdom Other Total Mortgages: Retail $ 1,398 $ 1,169 $ — $ — $ 2,567 Office 1,385 1,248 — — 2,633 Multi-family residential 3,451 1,048 — — 4,499 Industrial 2,369 1,314 — — 3,683 Other 799 49 208 — 1,056 Total mortgages (1) $ 9,402 $ 4,828 $ 208 $ — $ 14,438 Loans $ 12,560 $ 18,856 $ 4,478 $ 7,287 $ 43,181 Total mortgages and loans $ 21,962 $ 23,684 $ 4,686 $ 7,287 $ 57,619 (1) $3,630 of mortgages in Canada are insured by the CMHC. As at December 31, 2023 Canada United States United Kingdom Other Total Mortgages: Retail $ 1,376 $ 1,182 $ — $ — $ 2,558 Office 1,500 1,254 — — 2,754 Multi-family residential 3,838 1,001 — — 4,839 Industrial 1,839 1,115 — — 2,954 Other 824 57 159 — 1,040 Total mortgages (1) $ 9,377 $ 4,609 $ 159 $ — $ 14,145 Loans $ 12,924 $ 17,086 $ 4,089 $ 6,356 $ 40,455 Total mortgages and loans $ 22,301 $ 21,695 $ 4,248 $ 6,356 $ 54,600 (1) $4,023 of mortgages in Canada are insured by the CMHC. The contractual maturities of debt securities are shown in the following table. Actual maturities could differ from contractual maturities because of the borrower's right to call or extend or right to prepay obligations, with or without prepayment penalties. As at December 31, 2024 2023 FVTPL FVOCI Total debt securities FVTPL FVOCI Total debt securities Due in 1 year or less $ 1,932 $ 2,385 $ 4,317 $ 1,697 $ 3,079 $ 4,776 Due in years 2-5 9,733 6,496 16,229 8,763 6,272 15,035 Due in years 6-10 10,662 1,922 12,584 9,513 2,199 11,712 Due after 10 years 45,779 3,046 48,825 41,207 2,763 43,970 Total debt securities $ 68,106 $ 13,849 $ 81,955 $ 61,180 $ 14,313 $ 75,493 The carrying value of mortgages by scheduled maturity, before the allowance for ECL, is as follows: As at December 31, 2024 2023 FVTPL FVOCI Amortized cost Total FVTPL FVOCI Amortized cost Total Due in 1 year or less $ 1,344 $ 66 $ 283 $ 1,693 $ 852 $ 58 $ 171 $ 1,081 Due in years 2-5 5,745 340 929 7,014 5,605 222 1,129 6,956 Due in years 6-10 3,814 8 343 4,165 3,510 8 495 4,013 Due after 10 years 1,563 3 — 1,566 2,093 3 — 2,096 Total mortgages $ 12,466 $ 417 $ 1,555 $ 14,438 $ 12,060 $ 291 $ 1,795 $ 14,146 The carrying value of loans by scheduled maturity, before the allowance for ECL, is as follows: As at December 31, 2024 2023 FVTPL FVOCI Amortized cost Total FVTPL FVOCI Amortized cost Total Due in 1 year or less $ 2,262 $ 324 $ 100 $ 2,686 $ 2,285 $ 257 $ 126 $ 2,668 Due in years 2-5 7,863 1,240 199 9,302 6,768 966 163 7,897 Due in years 6-10 10,354 494 21 10,869 9,177 401 27 9,605 Due after 10 years 20,288 50 — 20,338 20,262 33 — 20,295 Total loans $ 40,767 $ 2,108 $ 320 $ 43,195 $ 38,492 $ 1,657 $ 316 $ 40,465
Summary of financial liabilities	The carrying values and fair values of our financial assets and liabilities are shown in the following table: As at December 31, 2024 December 31, 2023 Carrying value Fair value Carrying value Fair value Financial assets Cash, cash equivalents and short-term securities – FVTPL $ 13,873 $ 13,873 $ 13,173 $ 13,173 Debt securities – FVTPL (1) 68,106 68,106 61,180 61,180 Debt securities – FVOCI 13,849 13,849 14,313 14,313 Equity securities – FVTPL 9,900 9,900 7,070 7,070 Equity securities – FVOCI 74 74 68 68 Mortgages and loans – FVTPL (2) 53,233 53,233 50,552 50,552 Mortgages and loans – FVOCI 2,525 2,525 1,948 1,948 Mortgages and loans – Amortized cost (3) 1,861 1,814 2,100 2,006 Derivative assets – FVTPL 1,971 1,971 2,183 2,183 Other financial invested assets (excluding CLOs) – FVTPL (4) 7,950 7,950 6,883 6,883 Other financial invested assets (CLOs) – FVTPL (7) 5,356 5,356 3,478 3,478 Total (5) $ 178,698 $ 178,651 $ 162,948 $ 162,854 Financial liabilities Investment contract liabilities – Amortized cost $ 11,678 $ 11,678 $ 11,672 $ 11,672 Obligations for securities borrowing – FVTPL 239 239 223 223 Derivative liabilities – FVTPL 2,077 2,077 1,311 1,311 Other financial liabilities – Amortized cost (6) 2,265 2,214 2,449 2,348 Other financial liabilities (CLOs) – FVTPL (7) 5,028 5,028 3,247 3,247 Total (8) $ 21,287 $ 21,236 $ 18,902 $ 18,801 (1) Includes primarily debt securities that are designated at FVTPL. (2) Includes primarily mortgages and loans that are designated at FVTPL. (3) Certain mortgages and loans are carried at amortized cost. The fair value of these mortgages and loans, for disclosure purposes, is determined based on the methodology and assumptions described in Note 5.A.iii. As at December 31, 2024, $1,787 and $27 are categorized in Level 2 and Level 3, respectively, of the fair value hierarchy described in this Note (December 31, 2023 — $1,994 and $12, respectively). (4) Other financial invested assets include our investments in segregated funds, mutual funds, and limited partnerships. (5) Invested assets on our Consolidated Statements of Financial Position of $189,817 (December 31, 2023 — $174,328) includes Total financial assets in this table, Investment properties of $9,290 (December 31, 2023 — $9,723), and Other non-financial invested assets of $1,829 (December 31, 2023 — $1,657). Other non-financial invested assets consist of investment in associates, subsidiaries and joint ventures which are not consolidated. (6) Amount reflects the obligations to purchase outstanding shares of certain SLC Management subsidiaries. (7) See below for details on CLOs. (8) Total financial liabilities excluding Senior debentures (Note 12) and Subordinated debt (Note 13).
Schedule of liabilities carried at fair value	Our assets and liabilities that are carried at fair value on a recurring basis by hierarchy level are as follows: As at December 31, 2024 December 31, 2023 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Cash, cash equivalents and short-term securities – FVTPL $ 13,243 $ 630 $ — $ 13,873 $ 12,316 $ 857 $ — $ 13,173 Debt securities – FVTPL 463 67,126 517 68,106 564 60,214 402 61,180 Debt securities – FVOCI 505 13,193 151 13,849 651 13,475 187 14,313 Equity securities – FVTPL 6,331 3,358 211 9,900 4,220 2,737 113 7,070 Equity securities – FVOCI — — 74 74 — — 68 68 Mortgages and loans – FVTPL — 50,933 2,300 53,233 — 48,496 2,056 50,552 Mortgages and loans – FVOCI — 2,512 13 2,525 — 1,948 — 1,948 Derivative assets – FVTPL 28 1,943 — 1,971 23 2,160 — 2,183 Other financial invested assets (excluding CLOs) – FVTPL (1) 859 211 6,880 7,950 608 201 6,074 6,883 Other financial invested assets (CLOs) – FVTPL (2) — 5,356 — 5,356 — 3,478 — 3,478 Investment properties – FVTPL — — 9,290 9,290 — — 9,723 9,723 Total invested assets measured at fair value $ 21,429 $ 145,262 $ 19,436 $ 186,127 $ 18,382 $ 133,566 $ 18,623 $ 170,571 Investments for account of segregated fund holders – FVTPL 17,253 131,074 459 148,786 16,614 111,497 341 128,452 Total assets measured at fair value $ 38,682 $ 276,336 $ 19,895 $ 334,913 $ 34,996 $ 245,063 $ 18,964 $ 299,023 Liabilities Obligations for securities borrowing – FVTPL $ 4 $ 235 $ — $ 239 $ 3 $ 220 $ — $ 223 Derivative liabilities – FVTPL 28 2,049 — 2,077 10 1,301 — 1,311 Other financial liabilities (CLOs) – FVTPL (2) — 5,028 — 5,028 — 3,247 — 3,247 Investment contract liabilities for account of segregated fund holders – FVTPL — — 128,689 128,689 — — 109,411 109,411 Total liabilities measured at fair value $ 32 $ 7,312 $ 128,689 $ 136,033 $ 13 $ 4,768 $ 109,411 $ 114,192 (1) Other financial invested assets (excluding CLOs) – FVTPL include our investments in segregated funds, mutual funds, and limited partnerships. (2) For details on CLOs, refer to Note 5.A.i.
Schedule of assets carried at fair value	Our assets and liabilities that are carried at fair value on a recurring basis by hierarchy level are as follows: As at December 31, 2024 December 31, 2023 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Cash, cash equivalents and short-term securities – FVTPL $ 13,243 $ 630 $ — $ 13,873 $ 12,316 $ 857 $ — $ 13,173 Debt securities – FVTPL 463 67,126 517 68,106 564 60,214 402 61,180 Debt securities – FVOCI 505 13,193 151 13,849 651 13,475 187 14,313 Equity securities – FVTPL 6,331 3,358 211 9,900 4,220 2,737 113 7,070 Equity securities – FVOCI — — 74 74 — — 68 68 Mortgages and loans – FVTPL — 50,933 2,300 53,233 — 48,496 2,056 50,552 Mortgages and loans – FVOCI — 2,512 13 2,525 — 1,948 — 1,948 Derivative assets – FVTPL 28 1,943 — 1,971 23 2,160 — 2,183 Other financial invested assets (excluding CLOs) – FVTPL (1) 859 211 6,880 7,950 608 201 6,074 6,883 Other financial invested assets (CLOs) – FVTPL (2) — 5,356 — 5,356 — 3,478 — 3,478 Investment properties – FVTPL — — 9,290 9,290 — — 9,723 9,723 Total invested assets measured at fair value $ 21,429 $ 145,262 $ 19,436 $ 186,127 $ 18,382 $ 133,566 $ 18,623 $ 170,571 Investments for account of segregated fund holders – FVTPL 17,253 131,074 459 148,786 16,614 111,497 341 128,452 Total assets measured at fair value $ 38,682 $ 276,336 $ 19,895 $ 334,913 $ 34,996 $ 245,063 $ 18,964 $ 299,023 Liabilities Obligations for securities borrowing – FVTPL $ 4 $ 235 $ — $ 239 $ 3 $ 220 $ — $ 223 Derivative liabilities – FVTPL 28 2,049 — 2,077 10 1,301 — 1,311 Other financial liabilities (CLOs) – FVTPL (2) — 5,028 — 5,028 — 3,247 — 3,247 Investment contract liabilities for account of segregated fund holders – FVTPL — — 128,689 128,689 — — 109,411 109,411 Total liabilities measured at fair value $ 32 $ 7,312 $ 128,689 $ 136,033 $ 13 $ 4,768 $ 109,411 $ 114,192 (1) Other financial invested assets (excluding CLOs) – FVTPL include our investments in segregated funds, mutual funds, and limited partnerships. (2) For details on CLOs, refer to Note 5.A.i. Debt securities at FVTPL consist of the following: As at December 31, 2024 December 31, 2023 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Canadian federal government $ — $ 6,790 $ 13 $ 6,803 $ — $ 5,147 $ 14 $ 5,161 Canadian provincial and municipal government — 15,302 — 15,302 — 13,694 — 13,694 U.S. government and agency 463 163 — 626 564 148 — 712 Other foreign government — 3,762 34 3,796 — 3,329 — 3,329 Corporate — 32,929 465 33,394 — 31,809 340 32,149 Asset-backed securities: Commercial mortgage-backed securities — 2,163 — 2,163 — 2,029 5 2,034 Residential mortgage-backed securities — 3,539 — 3,539 — 2,335 — 2,335 Collateralized debt obligations — 352 1 353 — 188 — 188 Other — 2,126 4 2,130 — 1,535 43 1,578 Total debt securities at FVTPL $ 463 $ 67,126 $ 517 $ 68,106 $ 564 $ 60,214 $ 402 $ 61,180 Debt securities at FVOCI consist of the following: As at December 31, 2024 December 31, 2023 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Canadian federal government $ — $ 734 $ — $ 734 $ — $ 849 $ — $ 849 Canadian provincial and municipal government — 353 — 353 — 557 — 557 U.S. government and agency 501 8 — 509 651 7 — 658 Other foreign government 4 397 12 413 — 462 11 473 Corporate — 7,529 90 7,619 — 7,905 75 7,980 Asset-backed securities: Commercial mortgage-backed securities — 1,084 — 1,084 — 1,017 — 1,017 Residential mortgage-backed securities — 1,159 11 1,170 — 944 — 944 Collateralized debt obligations — 673 38 711 — 767 13 780 Other — 1,256 — 1,256 — 967 88 1,055 Total debt securities at FVOCI $ 505 $ 13,193 $ 151 $ 13,849 $ 651 $ 13,475 $ 187 $ 14,313 Mortgages and loans at FVTPL consist of the following: As at December 31, 2024 December 31, 2023 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Mortgages: Retail $ — $ 2,472 $ 12 $ 2,484 $ — $ 2,524 $ 12 $ 2,536 Office — 2,602 12 2,614 — 2,717 — 2,717 Multi-family residential — 2,887 — 2,887 — 2,986 — 2,986 Industrial — 3,447 — 3,447 — 2,804 — 2,804 Other — 1,034 — 1,034 — 1,017 — 1,017 Corporate loans — 38,491 2,276 40,767 — 36,448 2,044 38,492 Total mortgages and loans at FVTPL $ — $ 50,933 $ 2,300 $ 53,233 $ — $ 48,496 $ 2,056 $ 50,552 Mortgages and loans at FVOCI consist of the following: As at December 31, 2024 December 31, 2023 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Mortgages: Retail $ — $ 83 $ — $ 83 $ — $ 22 $ — $ 22 Office — 19 — 19 — 37 — 37 Multi-family residential — 79 — 79 — 83 — 83 Industrial — 236 — 236 — 149 — 149 Corporate loans — 2,095 13 2,108 — 1,657 — 1,657 Total mortgages and loans at FVOCI $ — $ 2,512 $ 13 $ 2,525 $ — $ 1,948 $ — $ 1,948
Schedule of interest and other investment income	For the years ended December 31, 2024 December 31, 2023 Financial Instruments at FVOCI Financial Instruments at FVTPL Other (1) Total Financial Instruments at FVOCI Financial Instruments at FVTPL Other (1) Total Interest income (expense): Cash, cash equivalents and short-term investments $ — $ 537 $ — $ 537 $ — $ 473 $ — $ 473 Debt securities 604 2,894 — 3,498 563 2,663 — 3,226 Mortgages and loans 138 2,661 64 2,863 103 2,503 74 2,680 Derivative investments — (38) — (38) — 69 — 69 Other financial invested assets 1 362 — 363 1 247 — 248 Other financial liabilities — (299) (165) (464) — (217) (154) (371) Total interest income (expense) 743 6,117 (101) 6,759 667 5,738 (80) 6,325 Dividend and other investment income: Equity securities — 254 — 254 — 212 — 212 Other financial invested assets — 313 — 313 — 226 — 226 Total dividend and other investment income — 567 — 567 — 438 — 438 Net realized and unrealized gains (losses): Cash, cash equivalents and short-term investments — 8 — 8 — — — — Debt securities 162 (824) — (662) 463 2,555 — 3,018 Equity securities — 1,218 — 1,218 (1) 397 — 396 Mortgages and loans 30 650 — 680 40 1,573 — 1,613 Derivative investments — (1,347) — (1,347) — 933 — 933 Other financial invested assets 1 406 — 407 160 (249) — (89) Other financial liabilities — (44) — (44) — 25 — 25 Total net realized and unrealized gains (losses) 193 67 — 260 662 5,234 — 5,896 Provision for credit losses 3 — (7) (4) (12) — (2) (14) Net investment income (loss) from financial instruments $ 939 $ 6,751 $ (108) $ 7,582 $ 1,317 $ 11,410 $ (82) $ 12,645 Net Investment income (loss) from non-financial instruments: Investment properties rental income $ — $ — $ 664 $ 664 $ — $ — $ 649 $ 649 Investment properties expenses — — (265) (265) — — (270) (270) Investment expenses and taxes — — (278) (278) — — (283) (283) Fair value changes on investment properties — — (383) (383) — — (486) (486) Other investment income (loss) — — 323 323 — — 49 49 Foreign exchange gains (losses) — — 116 116 — — (126) (126) Net investment income (loss) from non-financial instruments $ — $ — $ 177 $ 177 $ — $ — $ (467) $ (467) Total Net investment income (loss) (2) $ 939 $ 6,751 $ 69 $ 7,759 $ 1,317 $ 11,410 $ (549) $ 12,178 (1) Primarily includes investment income (loss) on financial instruments carried at amortized cost, investment properties, and equity method investments. (2) Net investment result excluding result for account of segregated fund holders consists of the following: For the year ended December 31, 2024 Insurance contracts Issued Reinsurance Total insurance Non-insurance (all other) Total Net investment income (loss): Net investment income (loss) recognized in net income $ — $ — $ 5,894 $ 1,521 $ 7,415 Net investment income (loss) recognized in OCI — — 12 332 344 Total net investment income (loss) — — 5,906 1,853 7,759 Total insurance finance income (expenses) recognized in net income: Effect of time value of money (Interest on carrying value) including interest on policy loans and interest on amounts on deposit (4,474) 190 (4,284) — (4,284) Impact of change in discount rate on fulfilment cash flows excluding where measured at locked-in rates and effect of changes in financial risk 1,683 (135) 1,548 — 1,548 Application of risk mitigation option (1) 225 — 225 — 225 Changes in fair value of underlying items for contracts with direct participation features (excluding segregated funds) (2,642) — (2,642) — (2,642) Foreign exchange gains (losses) 49 — 49 — 49 Other 20 (4) 16 — 16 Total insurance finance income (expenses) recognized in income (5,139) 51 (5,088) — (5,088) Decrease (increase) in investment contract liabilities — — — (393) (393) Net investment result $ — $ — $ 818 $ 1,460 $ 2,278 Net investment result recognized in net income $ — $ — $ 806 $ 1,128 $ 1,934 Net investment result recognized in OCI $ — $ — $ 12 $ 332 $ 344 For the year ended December 31, 2023 Insurance contracts Issued Reinsurance Total insurance Non-insurance (all other) Total Net investment income (loss) : Net investment income (loss) recognized in net income $ — $ — $ 10,211 $ 1,375 $ 11,586 Net investment income (loss) recognized in OCI — — 171 421 592 Total net investment income (loss) — — 10,382 1,796 12,178 Total insurance finance income (expenses) recognized in net income: Effect of time value of money (Interest on carrying value) including interest on policy loans and interest on amounts on deposit (4,484) 156 (4,328) — (4,328) Impact of change in discount rate on fulfilment cash flows excluding where measured at locked-in rates and effect of changes in financial risk (1,985) (91) (2,076) — (2,076) Application of risk mitigation option (1) 104 — 104 — 104 Changes in fair value of underlying items for contracts with direct participation features (excluding segregated funds) (3,425) — (3,425) — (3,425) Foreign exchange gains (losses) (22) (1) (23) — (23) Other 137 (5) 132 — 132 Total insurance finance income (expenses) recognized in income (9,675) 59 (9,616) — (9,616) Decrease (increase) in investment contract liabilities — — — (331) (331) Net investment result $ — $ — $ 766 $ 1,465 $ 2,231 Net investment result recognized in net income $ — $ — $ 595 $ 1,044 $ 1,639 Net investment result recognized in OCI $ — $ — $ 171 $ 421 $ 592 (1) Changes in our share of the fair value of underlying items and FCF arising from changes in the effect of financial risk that are mitigated by the use of derivatives and non-derivative financial instruments are recognized in income rather than adjusting the CSM. These amounts are offset by changes in the fair value of the derivatives and non-derivative financial instruments included in Investment income. The amount above would have resulted in an adjustment to the CSM if it was recorded to the CSM.
Schedule of fair values of derivative assets and liabilities by type of hedge	The following table describes the fair value of derivatives held for risk management purposes by type of risk exposure. As at December 31, 2024 2023 Assets Liabilities Assets Liabilities Interest rate contracts: Derivative investments $ 392 $ (822) $ 418 $ (667) Total interest rate derivatives $ 392 $ (822) $ 418 $ (667) Foreign exchange contracts: Designated as cash flow hedges $ 8 $ (3) $ 2 $ (19) Derivative investments 1,403 (1,195) 1,674 (614) Total foreign exchange derivatives $ 1,411 $ (1,198) $ 1,676 $ (633) Other contracts: Designated as cash flow hedges $ 43 $ — $ 17 $ — Derivative investments 125 (57) 72 (11) Total other contracts $ 168 $ (57) $ 89 $ (11) Total derivative contracts $ 1,971 $ (2,077) $ 2,183 $ (1,311)
Schedule of hedge ineffectiveness	The amounts relating to items designated as hedging instruments were as follows: For the years ended December 31, 2024 2023 Hedging risks Hedged Item Accumulated other comprehensive income from active hedges Accumulated other comprehensive income from active hedges Foreign exchange risk (1) Variable rate liabilities (2) $ 14 $ 9 Equity risk Share-based payment (3) $ (10) $ (10) (1) Cross-currency swap may be used to hedge foreign exchange risk, or a combination of interest rate risk and foreign exchange risk in a single hedge relationship. Cross-currency swaps in both type of hedge relationships are disclosed in the above risk category (foreign exchange risk). (2) Hedged items include other financial liabilities. (3) Hedged items includes other liabilities. The amounts relating to the effectiveness of hedging relationships were as follows: Hedging risks Hedged Item Gains (losses) on hedged items for ineffectiveness measurement Gain (losses) on hedging instruments for ineffectiveness measurement Hedge ineffectiveness Unrealized gains (losses) included in Other comprehensive income as the effective portion of the hedging instrument Losses (gains) reclassified to Net interest income For the year ended December 31, 2024 Foreign exchange risk (1) Variable rate liabilities (2) $ (5) $ 5 $ — $ 69 $ (76) Equity risk Share-based payment (3) $ (42) $ 43 $ 1 $ 57 $ (41) For the year ended December 31, 2023 Foreign exchange risk (1) Variable rate liabilities (2) $ 18 $ (18) $ — $ (17) $ 37 Equity risk Share-based payment (3) $ (6) $ 17 $ 11 $ 7 $ (3) (1) Cross-currency swap may be used to hedge foreign exchange risk, or a combination of interest rate risk and foreign exchange risk in a single hedge relationship. Cross-currency swaps in both type of hedge relationships are disclosed in the above risk category (foreign exchange risk). (2) Hedged items include other financial liabilities, that are floating rate obligations. (3) Hedged items includes other liabilities, representing share-based payment awards.
Reconciliation of components of equity	The following table provides a reconciliation by risk category of the accumulated other comprehensive income and analysis of OCI items resulting from hedge accounting: For the years ended December 31, 2024 2023 Cash flow hedges: Balance, beginning of year $ (1) $ (18) Effective portion of changes in fair value: Foreign currency risk (1) 69 (17) Equity price risk 57 7 Net amount reclassified to income (loss): Foreign currency risk (1) (76) 37 Equity price risk (41) (3) Related tax (4) (7) Balance, end of year $ 4 $ (1) (1) Cross-currency swap may be used to hedge foreign exchange risk, or a combination of interest rate risk and foreign exchange risk in a single hedge relationship. Cross-currency swaps in both type of hedge relationships are disclosed in the above risk category (foreign exchange risk). 26. Accumulated Other Comprehensive Income (Loss) Changes in accumulated other comprehensive income (loss), net of taxes, are as follows: For the years ended December 31, 2024 2023 Balance, beginning of year Other Balance, end of year Balance, beginning of year Other Other Balance, end of year Items that may be reclassified subsequently to income: Unrealized foreign currency translation gains (losses), net of hedging activities $ 1,350 $ 1,346 $ 2,696 $ 1,689 $ (339) $ — $ 1,350 Unrealized gains (losses) on FVOCI assets (354) 104 (250) (839) 485 — (354) Unrealized gains (losses) on cash flow hedges (1) 5 4 (18) 17 — (1) Share of other comprehensive income (loss) in joint ventures and associates (151) 201 50 (107) (44) — (151) Items that will not be reclassified subsequently to income: Remeasurement of defined benefit plans (217) 19 (198) (149) (105) 37 (1) (217) Share of other comprehensive income (loss) in joint ventures and associates 2 (7) (5) (5) 7 — 2 Revaluation surplus on transfers to investment properties 143 1 144 143 — — 143 Total $ 772 $ 1,669 $ 2,441 $ 714 $ 21 $ 37 $ 772 Total attributable to: Participating account $ 6 $ (3) $ 3 $ (3) $ 9 $ — $ 6 Non-controlling interests 1 10 11 4 (3) — 1 Shareholders 765 1,662 2,427 713 15 37 765 Total $ 772 $ 1,669 $ 2,441 $ 714 $ 21 $ 37 $ 772 (1) During 2023, the Company transferred cumulative remeasurement losses of $37 from Accumulated other comprehensive income (loss) to Retained earnings due to the sale of Sun Life UK.

Financial Instrument Risk Man_2

Financial Instrument Risk Management (Tables)	12 Months Ended
	Dec. 31, 2024
Financial Instruments [Abstract]
Disclosure of maximum exposure to credit risk	Additionally, we have credit exposure to items not on the Consolidated Statements of Financial Position as follows: As at December 31, 2024 2023 Off-balance sheet item: Loan commitments (1) $ 2,500 $ 2,061 (1) Loan commitments include commitments to extend credit under commercial and multi-family residential mortgages and private debt securities not quoted in an active market. Commitments on debt securities contain provisions that allow for withdrawal of the commitment if there is deterioration in the credit quality of the borrower.
Disclosure of right of offset and collateral	The following tables present the effect of conditional netting and similar arrangements. Similar arrangements include global master repurchase agreements, security lending agreements, and any related rights to financial collateral. As at December 31, 2024 2023 Financial instruments presented in the Consolidated Statements of Financial Position (1) Related amounts not set off in the Consolidated Statements of Financial Position Financial instruments presented in the Consolidated Statements of Financial Position (1) Related amounts not set off in the Consolidated Statements of Financial Position Financial instruments subject to master netting or similar agreements Financial collateral (received) pledged (2) Net amount Financial instruments subject to master netting or similar agreements Financial collateral (received) pledged (2) Net amount Financial assets: Derivative assets (Note 6.A.v) $ 1,971 $ (1,043) $ (787) $ 141 $ 2,183 $ (738) $ (1,316) $ 129 Reverse repurchase agreements (Note 8) 33 (33) — — 28 (28) — — Total financial assets $ 2,004 $ (1,076) $ (787) $ 141 $ 2,211 $ (766) $ (1,316) $ 129 Financial liabilities: Derivative liabilities (Note 6.A.v) $ (2,077) $ 1,043 $ 936 $ (98) $ (1,311) $ 738 $ 489 $ (84) Repurchase agreements (Note 5.F.ii) (2,840) 33 2,807 — (2,705) 28 2,677 — Cash collateral on securities lent (Note 5.F.iii) (194) — 184 (10) (187) — 176 (11) Obligations for securities borrowing (239) — 239 — (223) — 223 — Total financial liabilities $ (5,350) $ 1,076 $ 4,166 $ (108) $ (4,426) $ 766 $ 3,565 $ (95) (1) Net amounts of the financial instruments presented in our Consolidated Statements of Financial Position are the same as our gross recognized financial instruments, as we do not offset financial instruments in our Consolidated Statements of Financial Position. (2)
Disclosure of financial assets	IFRS 9 Cash, cash equivalents and short-term securities FVTPL Debt securities FVTPL, FVOCI Equity securities FVTPL, FVOCI Mortgages and loans FVTPL, FVOCI, Amortized cost Other financial invested assets FVTPL The carrying values and fair values of our financial assets and liabilities are shown in the following table: As at December 31, 2024 December 31, 2023 Carrying value Fair value Carrying value Fair value Financial assets Cash, cash equivalents and short-term securities – FVTPL $ 13,873 $ 13,873 $ 13,173 $ 13,173 Debt securities – FVTPL (1) 68,106 68,106 61,180 61,180 Debt securities – FVOCI 13,849 13,849 14,313 14,313 Equity securities – FVTPL 9,900 9,900 7,070 7,070 Equity securities – FVOCI 74 74 68 68 Mortgages and loans – FVTPL (2) 53,233 53,233 50,552 50,552 Mortgages and loans – FVOCI 2,525 2,525 1,948 1,948 Mortgages and loans – Amortized cost (3) 1,861 1,814 2,100 2,006 Derivative assets – FVTPL 1,971 1,971 2,183 2,183 Other financial invested assets (excluding CLOs) – FVTPL (4) 7,950 7,950 6,883 6,883 Other financial invested assets (CLOs) – FVTPL (7) 5,356 5,356 3,478 3,478 Total (5) $ 178,698 $ 178,651 $ 162,948 $ 162,854 Financial liabilities Investment contract liabilities – Amortized cost $ 11,678 $ 11,678 $ 11,672 $ 11,672 Obligations for securities borrowing – FVTPL 239 239 223 223 Derivative liabilities – FVTPL 2,077 2,077 1,311 1,311 Other financial liabilities – Amortized cost (6) 2,265 2,214 2,449 2,348 Other financial liabilities (CLOs) – FVTPL (7) 5,028 5,028 3,247 3,247 Total (8) $ 21,287 $ 21,236 $ 18,902 $ 18,801 (1) Includes primarily debt securities that are designated at FVTPL. (2) Includes primarily mortgages and loans that are designated at FVTPL. (3) Certain mortgages and loans are carried at amortized cost. The fair value of these mortgages and loans, for disclosure purposes, is determined based on the methodology and assumptions described in Note 5.A.iii. As at December 31, 2024, $1,787 and $27 are categorized in Level 2 and Level 3, respectively, of the fair value hierarchy described in this Note (December 31, 2023 — $1,994 and $12, respectively). (4) Other financial invested assets include our investments in segregated funds, mutual funds, and limited partnerships. (5) Invested assets on our Consolidated Statements of Financial Position of $189,817 (December 31, 2023 — $174,328) includes Total financial assets in this table, Investment properties of $9,290 (December 31, 2023 — $9,723), and Other non-financial invested assets of $1,829 (December 31, 2023 — $1,657). Other non-financial invested assets consist of investment in associates, subsidiaries and joint ventures which are not consolidated. (6) Amount reflects the obligations to purchase outstanding shares of certain SLC Management subsidiaries. (7) See below for details on CLOs. (8) Total financial liabilities excluding Senior debentures (Note 12) and Subordinated debt (Note 13). The following table provides a reconciliation of the beginning and ending balances for assets that are categorized in Level 3: For the years ended Debt securities at FVTPL Debt Equity Equity Securities at FVOCI Mortgages and loans at FVTPL Mortgages and loans at FVOCI Other financial invested assets at FVTPL Investment properties at FVTPL Total invested assets measured at fair value Investments for account of segregated fund holders Total assets measured at fair value December 31, 2024 Beginning balance $ 402 $ 187 $ 113 $ 68 $ 2,056 $ — $ 6,074 $ 9,723 $ 18,623 $ 341 $ 18,964 Included in net income (1)(2)(3) 2 — 20 — 33 — 251 (455) (149) (8) (157) Included in OCI (2) — 5 — — — — — — 5 — 5 Purchases / Issuances 436 335 77 — 240 22 825 146 2,081 173 2,254 Sales / Payments (48) (47) (1) — (133) — (389) (255) (873) (62) (935) Settlements (37) (50) — — (21) — — — (108) (1) (109) Transfers into Level 3 (4) 117 62 — — 439 6 — — 624 — 624 Transfers (out) of Level 3 (4) (367) (341) — — (320) (15) (15) — (1,058) — (1,058) Foreign currency translation (5) 12 — 2 6 6 — 134 131 291 16 307 Ending balance $ 517 $ 151 $ 211 $ 74 $ 2,300 $ 13 $ 6,880 $ 9,290 $ 19,436 $ 459 $ 19,895 Unrealized gains (losses) included in earnings relating to instruments still held (1) $ (6) $ — $ 19 $ — $ 30 $ — $ 247 $ (369) $ (79) $ — $ (79) December 31, 2023 Beginning balance $ 394 $ 52 $ 101 $ 70 $ 2,054 $ 16 $ 5,555 $ 10,102 $ 18,344 $ 631 $ 18,975 Included in net income (1)(2)(3) 9 — 13 — 119 (8) (169) (520) (556) (15) (571) Included in OCI (2) — 3 — — — 1 — — 4 — 4 Purchases / Issuances 211 153 18 — 293 8 984 391 2,058 173 2,231 Sales / Payments (8) (6) (19) (1) (75) (17) (261) (220) (607) (444) (1,051) Settlements (6) (6) — — (7) — — — (19) (1) (20) Transfers into Level 3 (4) 8 — — — 382 — — — 390 — 390 Transfers (out) of Level 3 (4) (200) (8) — — (710) — — — (918) — (918) Foreign currency translation (5) (6) (1) — (1) — — (35) (30) (73) (3) (76) Ending balance $ 402 $ 187 $ 113 $ 68 $ 2,056 $ — $ 6,074 $ 9,723 $ 18,623 $ 341 $ 18,964 Unrealized gains (losses) included in earnings relating to instruments still held (1) $ 5 $ — $ 9 $ — $ 112 $ (8) $ (170) $ (522) $ (574) $ (18) $ (592) (1) Included in Net investment income (loss) in our Consolidated Statements of Operations for Total invested assets measured at fair value. (2) Total gains and losses in net income (loss) and OCI are calculated assuming transfers into or out of Level 3 occur at the beginning of the period. For an asset or liability that transfers into Level 3 during the reporting period, the entire change in fair value for the period is included in the table above. For transfers out of Level 3 during the reporting period, the change in fair value for the period is excluded from the table above. (3) Investment properties included in net income is comprised of fair value changes on investment properties of $(383) (2023 — $(486)), net of amortization of leasing commissions and tenant inducements of $72 (2023 — $34). As at December 31, 2024, we have used assumptions that reflect known changes in the property values including changes in expected future cash flows. (4) Transfers into Level 3 occur when the inputs used to price the assets and liabilities lack observable market data, and as a result, no longer meet the Level 1 or 2 definitions at the reporting date. Transfers out of Level 3 occur when the pricing inputs become more transparent and satisfy the Level 1 or 2 criteria and are primarily the result of observable market data being available at the reporting date, thus removing the requirement to rely on inputs that lack observability. (5) Foreign currency translation relates to the foreign exchange impact of translating Level 3 assets and liabilities of foreign subsidiaries from their functional currencies to Canadian dollars. Cash, cash equivalents and short-term securities presented in our Consolidated Statements of Financial Position and Net cash, cash equivalents and short-term securities presented in our Consolidated Statements of Cash Flows consist of the following: As at December 31, 2024 2023 Cash $ 2,294 $ 2,001 Cash equivalents 7,835 9,169 Short-term securities 3,744 2,003 Cash, cash equivalents and short-term securities 13,873 13,173 Less: Bank overdraft, recorded in Other liabilities 175 — Net cash, cash equivalents and short-term securities $ 13,698 $ 13,173 The carrying value of debt securities by geographic location is shown in the following table. The geographic location is based on the country of the creditor's parent. As at December 31, 2024 2023 FVTPL FVOCI Total debt securities FVTPL FVOCI Total debt securities Canada $ 34,472 $ 3,614 $ 38,086 $ 30,180 $ 4,339 $ 34,519 United States 20,986 6,486 27,472 20,111 6,266 26,377 United Kingdom 1,320 561 1,881 1,224 517 1,741 Other 11,328 3,188 14,516 9,665 3,191 12,856 Total debt securities $ 68,106 $ 13,849 $ 81,955 $ 61,180 $ 14,313 $ 75,493 The carrying value of debt securities by issuer and industry sector is shown in the following table: As at December 31, 2024 2023 FVTPL FVOCI Total debt FVTPL FVOCI Total debt Debt securities issued or guaranteed by: Canadian federal government $ 6,803 $ 734 $ 7,537 $ 5,161 $ 849 $ 6,010 Canadian provincial and municipal government 15,302 353 15,655 13,694 557 14,251 U.S. government and agency 626 509 1,135 712 658 1,370 Other foreign government 3,796 413 4,209 3,329 473 3,802 Total government issued or guaranteed debt securities 26,527 2,009 28,536 22,896 2,537 25,433 Corporate debt securities by industry sector: Financials 8,659 2,893 11,552 8,171 2,889 11,060 Utilities 6,859 763 7,622 6,244 815 7,059 Industrials 4,424 951 5,375 4,510 979 5,489 Energy 3,258 446 3,704 2,793 479 3,272 Communication services 2,647 373 3,020 2,727 422 3,149 Real estate 1,882 423 2,305 1,987 538 2,525 Health care 1,644 363 2,007 1,625 413 2,038 Consumer staples 1,301 256 1,557 1,490 315 1,805 Consumer discretionary 1,011 747 1,758 950 776 1,726 Information technology 890 202 1,092 730 174 904 Materials 819 202 1,021 922 180 1,102 Total corporate debt securities 33,394 7,619 41,013 32,149 7,980 40,129 Asset-backed securities 8,185 4,221 12,406 6,135 3,796 9,931 Total debt securities $ 68,106 $ 13,849 $ 81,955 $ 61,180 $ 14,313 $ 75,493 The carrying value of mortgages and loans by geographic location and type is shown in the following tables. The geographic location for mortgages is based on location of property, while for corporate loans it is based on the country of the creditor's parent. As at December 31, 2024 Canada United States United Kingdom Other Total Mortgages: Retail $ 1,398 $ 1,169 $ — $ — $ 2,567 Office 1,385 1,248 — — 2,633 Multi-family residential 3,451 1,048 — — 4,499 Industrial 2,369 1,314 — — 3,683 Other 799 49 208 — 1,056 Total mortgages (1) $ 9,402 $ 4,828 $ 208 $ — $ 14,438 Loans $ 12,560 $ 18,856 $ 4,478 $ 7,287 $ 43,181 Total mortgages and loans $ 21,962 $ 23,684 $ 4,686 $ 7,287 $ 57,619 (1) $3,630 of mortgages in Canada are insured by the CMHC. As at December 31, 2023 Canada United States United Kingdom Other Total Mortgages: Retail $ 1,376 $ 1,182 $ — $ — $ 2,558 Office 1,500 1,254 — — 2,754 Multi-family residential 3,838 1,001 — — 4,839 Industrial 1,839 1,115 — — 2,954 Other 824 57 159 — 1,040 Total mortgages (1) $ 9,377 $ 4,609 $ 159 $ — $ 14,145 Loans $ 12,924 $ 17,086 $ 4,089 $ 6,356 $ 40,455 Total mortgages and loans $ 22,301 $ 21,695 $ 4,248 $ 6,356 $ 54,600 (1) $4,023 of mortgages in Canada are insured by the CMHC. The contractual maturities of debt securities are shown in the following table. Actual maturities could differ from contractual maturities because of the borrower's right to call or extend or right to prepay obligations, with or without prepayment penalties. As at December 31, 2024 2023 FVTPL FVOCI Total debt securities FVTPL FVOCI Total debt securities Due in 1 year or less $ 1,932 $ 2,385 $ 4,317 $ 1,697 $ 3,079 $ 4,776 Due in years 2-5 9,733 6,496 16,229 8,763 6,272 15,035 Due in years 6-10 10,662 1,922 12,584 9,513 2,199 11,712 Due after 10 years 45,779 3,046 48,825 41,207 2,763 43,970 Total debt securities $ 68,106 $ 13,849 $ 81,955 $ 61,180 $ 14,313 $ 75,493 The carrying value of mortgages by scheduled maturity, before the allowance for ECL, is as follows: As at December 31, 2024 2023 FVTPL FVOCI Amortized cost Total FVTPL FVOCI Amortized cost Total Due in 1 year or less $ 1,344 $ 66 $ 283 $ 1,693 $ 852 $ 58 $ 171 $ 1,081 Due in years 2-5 5,745 340 929 7,014 5,605 222 1,129 6,956 Due in years 6-10 3,814 8 343 4,165 3,510 8 495 4,013 Due after 10 years 1,563 3 — 1,566 2,093 3 — 2,096 Total mortgages $ 12,466 $ 417 $ 1,555 $ 14,438 $ 12,060 $ 291 $ 1,795 $ 14,146 The carrying value of loans by scheduled maturity, before the allowance for ECL, is as follows: As at December 31, 2024 2023 FVTPL FVOCI Amortized cost Total FVTPL FVOCI Amortized cost Total Due in 1 year or less $ 2,262 $ 324 $ 100 $ 2,686 $ 2,285 $ 257 $ 126 $ 2,668 Due in years 2-5 7,863 1,240 199 9,302 6,768 966 163 7,897 Due in years 6-10 10,354 494 21 10,869 9,177 401 27 9,605 Due after 10 years 20,288 50 — 20,338 20,262 33 — 20,295 Total loans $ 40,767 $ 2,108 $ 320 $ 43,195 $ 38,492 $ 1,657 $ 316 $ 40,465
Disclosure of notional amounts of derivative instruments by type and maturity	Notional amounts of derivative financial instruments are the basis for calculating payments and are generally not the actual amounts exchanged. The following table provides the notional amounts of derivative instruments outstanding by type of derivative and term to maturity: Terms to maturity As at Notional Amount Under 1 Year 1 to 5 Years Over 5 Years Total December 31, 2024 Derivative designated as hedging instrument: Foreign exchange contracts / Currency risk (1) $ 888 $ — $ 14 $ 902 Equity price risk (2) 60 128 — 188 Total designated as hedging instrument 948 128 14 1,090 Derivative investments (3) 28,359 13,251 32,254 73,864 Total derivatives $ 29,307 $ 13,379 $ 32,268 $ 74,954 December 31, 2023 Derivative designated as hedging instrument: Foreign exchange contracts / Currency risk (1) $ 828 $ 40 $ — $ 868 Equity price risk (2) 54 114 — 168 Total designated as hedging instrument 882 154 — 1,036 Derivative investments (3) 27,534 11,125 30,726 69,385 Total derivatives $ 28,416 $ 11,279 $ 30,726 $ 70,421 (1) The average fixed rate is 4% (December 31, 2023 — 4% ). The average CAD-USD exchange rate is $1.42 (December 31, 2023 — $1.56). (2) The average price is $69 (December 31, 2023 — $66). (3) Derivatives investments are derivatives that have not been designated as hedges for accounting purposes. The following table provides the fair value of derivative instruments outstanding by term to maturity: As at December 31, 2024 2023 Term to maturity Term to maturity Under 1 to 5 Over 5 Total Under 1 to 5 Over 5 Total Derivative assets $ 227 $ 271 $ 1,473 $ 1,971 $ 337 $ 266 $ 1,580 $ 2,183 Derivative liabilities $ (536) $ (278) $ (1,263) $ (2,077) $ (115) $ (137) $ (1,059) $ (1,311)
Disclosure of debt securities, mortgages, and loans by credit quality	The following table shows the OTC derivative financial instruments with a positive fair value split by counterparty credit rating: As at December 31, 2024 2023 Gross positive replacement cost (2) Impact of master netting agreements (3) Net replacement cost (4) Gross positive replacement cost (2) Impact of master netting agreements (3) Net replacement cost (4) Over-the-counter contracts: AA $ 494 $ (203) $ 291 $ 472 $ (136) $ 336 A 1,438 (840) 598 1,686 (603) 1,083 BBB 8 — 8 — — — Total over-the-counter derivatives (1) $ 1,940 $ (1,043) $ 897 $ 2,158 $ (739) $ 1,419 (1) Exchange-traded derivatives with a positive fair value of $31 in 2024 (2023 — $25) are excluded from the table above, as they are subject to daily margining requirements. Our credit exposure on these derivatives is with the exchanges and clearinghouses. (2) Used to determine the credit risk exposure if the counterparties were to default. The credit risk exposure is the cost of replacing, at current market rates, all contracts with a positive fair value. (3) The credit risk associated with derivative assets subject to master netting arrangements is reduced by derivative liabilities due to the same counterparty in the event of default or early termination. Our overall exposure to credit risk reduced through master netting arrangements may change substantially following the reporting date as the exposure is affected by each transaction subject to the arrangement. (4) Net replacement cost is positive replacement cost less the impact of master netting agreements. The following table provides a summary of the credit default swap protection sold by credit rating of the underlying reference security: As at December 31, 2024 2023 Notional amount Fair value Notional amount Fair value Single name credit default swap contracts: A $ 552 $ 7 $ 491 $ 5 BBB 499 13 540 15 Total single name credit default swap contracts 1,051 20 1,031 20 Credit default swap index contracts 432 (10) — — Total credit default swap contracts sold $ 1,483 $ 10 $ 1,031 $ 20 The table below presents the distribution of reinsurance contract held assets by credit rating: As at December 31, 2024 2023 Gross exposure Collateral Net exposure Gross exposure Collateral Net exposure % % AA or A $ 3,670 $ 4 $ 3,666 95 $ 3,550 $ 7 $ 3,543 97 Below 'A' 2,531 2,416 115 3 2,217 2,135 82 2 Not rated 117 51 66 2 27 5 22 1 Total reinsurance contract held assets $ 6,318 $ 2,471 $ 3,847 100 $ 5,794 $ 2,147 $ 3,647 100
Schedule of macroeconomic variables	The table below includes the key macroeconomic variables, primarily but not limited to what is provided below, and the ranges of scenarios incorporated in the model within the U.S. and Canada: For the three months ended December 31, 2024 Average value over the next 12 months Average value over the remaining forecast period Base case Upside case Downside case Base case Upside case Downside case U.S. Gross Domestic Product $ 29,633 (1) 4.2 % 5.8 % (0.4) % 4.3 % 4.6 % 3.8 % Unemployment Rate 4.2 % 4.1 % 3.3 % 7.3 % 4.0 % 3.3 % 7.2 % BBB Bonds Spreads 1.2 % 1.9 % 1.6 % 2.6 % 2.0 % 2.0 % 2.1 % Canada Gross Domestic Product $ 2,396 (1) 1.9 % 3.3 % (1.9) % 2.0 % 2.6 % 1.9 % Unemployment Rate 6.7 % 6.8 % 6.5 % 8.1 % 6.5 % 6.0 % 9.3 % Oil Price $ 76.10 $ 74.60 $ 79.20 $ 58.90 $ 72.10 $ 74.60 $ 62.60 For the three months ended December 31, 2023 Average value over Average value over Base case Upside case Downside case Base case Upside case Downside case U.S. Gross Domestic Product $ 22,538 (1) 1.3 % 3.5 % (2.4) % 2.2 % 2.4 % 2.5 % Unemployment Rate 3.8 % 4.0 % 3.1 % 6.7 % 4.0 % 3.3 % 6.7 % BBB Bonds Spreads 1.9 % 2.2 % 1.9 % 3.1 % 2.1 % 2.1 % 2.1 % Canada Gross Domestic Product $ 2,201 (1) 1.6 % 3.6 % (2.1) % 1.9 % 2.3 % 1.6 % Unemployment Rate 5.8 % 6.0 % 5.2 % 8.2 % 5.9 % 4.8 % 8.6 % Oil Price $ 85.60 $ 82.10 $ 84.70 $ 65.60 $ 71.40 $ 71.80 $ 61.00 (1) Presented in billions.
Disclosure of changes in allowance for losses	The following table shows reconciliations from the opening balance to the closing balance of the allowance for ECL by class of financial instrument: For the years ended December 31, 2024 December 31, 2023 Performing Impaired Total Performing Impaired Total Stage 1 Stage 2 Stage 3 Stage 1 Stage 2 Stage 3 Debt securities: Balance, beginning of year $ 30 $ 2 $ — $ 32 $ 30 $ 2 $ — $ 32 Provision for credit losses: New originations or purchases 9 — — 9 9 — — 9 Derecognition or maturities (10) (1) — (11) (6) — — (6) Net remeasurement (1) (4) — — (4) (3) — — (3) Balance, end of year $ 25 $ 1 $ — $ 26 $ 30 $ 2 $ — $ 32 Mortgages and loans: Balance, beginning of year $ 8 $ — $ 49 $ 57 $ 4 $ — $ 39 $ 43 Provision for credit losses: New originations or purchases 4 1 — 5 5 — — 5 Derecognition or maturities (1) — — (1) — — — — Net remeasurement (1) (5) — 11 6 (1) — 10 9 Write-offs, net of recoveries, and other adjustments — — (5) (5) — — — — Balance, end of year $ 6 $ 1 $ 55 $ 62 $ 8 $ — $ 49 $ 57 (1) Includes changes in the measurement resulting from the significant changes in credit risk and from changes in credit risk that did not result in a transfer between stages, changes in model inputs and assumptions and changes in forward looking macroeconomic conditions.
Disclosure of credit risk exposure by internal rating	The following table presents the gross carrying amount of mortgages and loans at amortized cost and the fair value of mortgages and loans and debt securities at FVOCI. Risk ratings are based on internal ratings used in the measurement of ECL, as at the reporting date. As at December 31, 2024 2023 Performing Impaired Total Performing Impaired Total Stage 1 Stage 2 Stage 3 Stage 1 Stage 2 Stage 3 Mortgages and loans at amortized cost: Investment grade $ 1,791 $ 41 $ — $ 1,832 $ 2,046 $ 25 $ — $ 2,071 Non-investment grade — 8 — 8 — 25 — 25 Impaired — — 35 35 — — 15 15 Total mortgages and loans at amortized cost 1,791 49 35 1,875 2,046 50 15 2,111 Less: Total allowance for ECL 1 — 13 14 1 — 10 11 Total mortgages and loans at amortized cost, net of total allowance for ECL $ 1,790 $ 49 $ 22 $ 1,861 $ 2,045 $ 50 $ 5 $ 2,100 Mortgages and loans at FVOCI: Investment grade $ 2,433 $ 14 $ — $ 2,447 $ 1,806 $ 12 $ — $ 1,818 Non-investment grade 57 13 — 70 83 45 — 128 Impaired — — 8 8 — — 2 2 Total mortgages and loans at FVOCI $ 2,490 $ 27 $ 8 $ 2,525 $ 1,889 $ 57 $ 2 $ 1,948 Debt securities at FVOCI: Investment grade $ 13,649 $ 18 $ — $ 13,667 $ 13,834 $ 54 $ — $ 13,888 Non-investment grade 180 2 — 182 389 36 — 425 Total debt securities at FVOCI $ 13,829 $ 20 $ — $ 13,849 $ 14,223 $ 90 $ — $ 14,313
Disclosure of equities by issue country	The carrying value of equities by issuer country is shown in the following table: As at December 31, 2024 2023 FVTPL FVOCI Total equities FVTPL FVOCI Total equities Canada $ 3,821 $ — $ 3,821 $ 3,081 $ — $ 3,081 United States 2,600 74 2,674 2,185 68 2,253 United Kingdom 71 — 71 105 — 105 Other 3,408 — 3,408 1,699 — 1,699 Total equities $ 9,900 $ 74 $ 9,974 $ 7,070 $ 68 $ 7,138
Disclosure of risk sensitivity	The following table sets out the estimated immediate impact on, or sensitivity of, our net income and OCI to certain instantaneous changes in equity market prices as at December 31, 2024 and December 31, 2023. As at December 31, 2024 2023 Change in Equity Markets (1)(2)(3) 25% decrease 10% decrease 10% increase 25% increase 25% 10% decrease 10% increase 25% increase Potential impact on net income (after-tax) $ (550) $ (225) $ 225 $ 575 $ (400) $ (175) $ 175 $ 425 (1) Represents the respective change across all equity markets as at December 31, 2024 and December 31, 2023 . Assumes that actual equity exposures consistently and precisely track the broader equity markets. Since in actual practice equity-related exposures differ from broad market indices (due to the impact of active management, basis risk, investments in private equity and other factors), realized sensitivities may differ significantly from those illustrated above. Sensitivities include the impact of re-balancing equity hedges for hedging programs at 2% intervals (for 10% changes in equity markets) and at 5% intervals (for 25% changes in equity markets). (2) The market risk sensitivities include the estimated impact of our hedging programs in effect as at December 31, 2024 and December 31, 2023 , and include new business added and product changes implemented prior to such dates. (3) Net income and OCI sensitivities have been rounded in increments of $25. The sensitivities exclude the market impacts on the income from our joint ventures in China and India. The following table sets out the estimated immediate impact on, or sensitivity of, our net income and OCI to certain instantaneous changes in interest rates as at December 31, 2024 and December 31, 2023. As at December 31, 2024 2023 Change in Interest Rates (1)(2)(3) 50 basis point decrease 50 basis point increase 50 basis point decrease 50 basis point Potential impact on net income (after-tax) $ (50) $ 25 $ (25) $ 50 Potential impact on OCI (4) $ 200 $ (200) $ 200 $ (200) (1) Interest rate sensitivities assume a parallel shift in assumed interest rates across the entire yield curve as at December 31, 2024 and December 31, 2023 with no change to the ultimate risk-free rate. Variations in realized yields based on factors such as different terms to maturity and geographies may result in realized sensitivities being significantly different from those illustrated above. Sensitivities include the impact of re-balancing interest rate hedges for hedging programs at 10 basis point intervals (for 50 basis point changes in interest rates). (2) The market risk sensitivities include the estimated impact of our hedging programs in effect as at December 31, 2024 and December 31, 2023 , and include new business added and product changes implemented prior to such dates. (3) Net income and OCI sensitivities have been rounded in increments of $25. The sensitivities exclude the market impacts on the income from our joint ventures in China and India. (4) The market risk OCI sensitivities exclude the impact of changes in the defined benefit obligations and plan assets. The following tables set out the estimated immediate impact on, or sensitivity of, our net income and OCI to certain instantaneous changes in credit spreads and our net income and OCI to certain changes in swap spreads as at December 31, 2024 and December 31, 2023. As at December 31, 2024 2023 Change in Credit Spreads (1)(2) 50 basis point decrease 50 basis point increase 50 basis point decrease 50 basis point Potential impact on net income (after-tax) $ 75 $ (50) $ 50 $ (50) Potential impact on OCI (3) $ 200 $ (200) $ 200 $ (175) (1) The credit spread sensitivities assume a parallel shift in the indicated spreads across the entire term structure with no change to the ultimate liquidity premium. The sensitivities reflect a floor of zero on credit spreads where the spreads are not currently negative. Variations in realized spread changes based on different terms to maturity, geographies, asset classes and derivative types, underlying interest rate movements, and ratings may result in realized sensitivities being significantly different from those provided above. (2) Net income and OCI sensitivities have been rounded in increments of $25. The sensitivities exclude the market impacts on the income from our joint ventures in China and India. (3) The market risk OCI sensitivities exclude the impact of changes in the defined benefit obligations and plan assets. As at December 31, 2024 2023 Change in Swap Spreads (1)(2) 20 basis point decrease 20 basis point increase 20 basis point decrease 20 basis point increase Potential impact on net income (after-tax) $ (25) $ 25 $ (25) $ 25 (1) The swap spread sensitivities assume a parallel shift in the indicated spreads across the entire term structure. Variations in realized spread changes based on different terms to maturity, geographies, asset classes and derivative types, underlying interest rate movements, and ratings may result in realized sensitivities being significantly different from those provided above. (2) Net income and OCI sensitivities have been rounded in increments of $25. The sensitivities exclude the market impacts on the income from our joint ventures in China and India. The following table sets out the estimated immediate impact on, or sensitivity of, our net income and OCI to certain instantaneous changes in the value of our real estate investments as at December 31, 2024 and December 31, 2023. As at December 31, 2024 2023 Change in Real Estate Values (1) 10% decrease 10% increase 10% decrease 10% increase Potential impact on net income (after-tax) $ (450) $ 450 $ (475) $ 475 (1) Net income and OCI sensitivities have been rounded in increments of $25. The sensitivities exclude the market impacts on the income from our joint ventures in China and India.
Disclosure of maturity analysis for insurance contracts	As at Within 1 Year 1 Year to 2 Years to 3 Years 3 Years to 4 Years 4 Years to 5 Years Over 5 Years Total December 31, 2024 Insurance contracts: Insurance contract assets $ (633) $ (332) $ (272) $ (263) $ (241) $ (3,935) $ (5,676) Insurance contract liabilities 11,269 (1) 3,254 3,363 4,059 5,211 729,030 756,186 Net insurance contract liabilities $ 10,636 $ 2,922 $ 3,091 $ 3,796 $ 4,970 $ 725,095 $ 750,510 Reinsurance contract held: Reinsurance contract held assets $ (847) (1) $ (652) $ (685) $ (707) $ (728) $ (9,405) $ (13,024) Reinsurance contract held liabilities 110 99 101 104 107 4,769 5,290 Net reinsurance contract held assets $ (737) $ (553) $ (584) $ (603) $ (621) $ (4,636) $ (7,734) December 31, 2023 Insurance contracts: Insurance contract assets $ (463) $ (323) $ (276) $ (248) $ (225) $ (3,305) $ (4,840) Insurance contract liabilities 11,428 (1) 3,670 3,887 4,128 4,451 556,052 583,616 Net insurance contract liabilities $ 10,965 $ 3,347 $ 3,611 $ 3,880 $ 4,226 $ 552,747 $ 578,776 Reinsurance contract held: Reinsurance contract held assets $ (520) (1) $ (54) $ (69) $ (105) $ (130) $ (11,330) $ (12,208) Reinsurance contract held liabilities 140 83 88 91 95 5,036 5,533 Net reinsurance contract held assets $ (380) $ 29 $ 19 $ (14) $ (35) $ (6,294) $ (6,675) (1) Includes amounts payable on demand o f $5,177 (2023 — $4,800) and $(29) (2023 — $(33)) for Insurance contract liabilities and Reinsurance contract held assets, respectively.
Disclosure of maturity analysis of other financial liabilities	The following table summarizes the contractual maturities of our significant financial liabilities and contractual commitments other than insurance contracts as at December 31, 2024 and December 31, 2023: As at December 31, 2024 2023 Within 1 Year 1 Year to 3 Years to Over 5 Total Within 1 Year to 3 Years to Over 5 Total Investment contract liabilities (1) $ 6,157 $ 2,351 $ 1,413 $ 1,692 $ 11,613 $ 5,728 $ 2,518 $ 1,442 $ 1,727 $ 11,415 Senior debentures and unsecured financing (2) 2,133 28 28 519 2,708 2,347 28 28 533 2,936 Subordinated debt (2) 225 451 585 7,248 8,509 204 410 554 7,192 8,360 Bond repurchase agreements 2,840 — — — 2,840 2,705 — — — 2,705 Accounts payable and accrued expenses 10,085 — — — 10,085 8,665 — — — 8,665 Lease commitments (3) 166 262 207 421 1,056 188 319 228 534 1,269 Secured borrowings from mortgage securitization 461 758 382 380 1,981 306 885 560 535 2,286 Borrowed funds (2) 23 107 244 31 405 86 103 14 162 365 Credit facilities 2,126 — — — 2,126 2,330 — — — 2,330 Total liabilities $ 24,216 $ 3,957 $ 2,859 $ 10,291 $ 41,323 $ 22,559 $ 4,263 $ 2,826 $ 10,683 $ 40,331 Contractual commitments: (4) Contractual loans, equities and mortgages $ 1,242 $ 985 $ 576 $ 2,054 $ 4,857 $ 39 $ 1,199 $ 915 $ 2,756 $ 4,909 Total contractual commitments $ 1,242 $ 985 $ 576 $ 2,054 $ 4,857 $ 39 $ 1,199 $ 915 $ 2,756 $ 4,909 (1) These amounts represent the undiscounted estimated cash flows of investment contract liabilities on our Consolidated Statements of Financial Position. (2) Payments due based on maturity dates and include expected interest payments. Actual redemption of certain securities may occur sooner as some include an option for the issuer to call the security at par at an earlier date. (3) Liabilities associated with the lease commitments are included on the Consolidated Statements of Financial Position. (4) Contractual commitments are not reported on our Consolidated Statements of Financial Position. Additional information on these commitments is included in Note 22.

Insurance Risk Management (Tabl

Insurance Risk Management (Tables)	12 Months Ended
	Dec. 31, 2024
Insurance Contracts [Abstract]
Schedule of Sensitivity to Changes in Non-Financial Assumptions	The following table sets out the estimated immediate impact on, or sensitivity of, the CSM and net income to certain instantaneous changes in the insurance and other non-financial assumptions used in the calculation of our insurance contract liabilities, based on a starting point and business mix as at December 31, 2024 and December 31, 2023. These sensitivities are calculated independently for each risk factor, generally assuming that all other risk variables stay constant. The estimates are illustrative and different starting points for best estimate assumptions, CSM balances and business mix will result in different estimated sensitivities. These sensitivities represent the Company's estimate of changes in best estimate assumptions that are reasonably likely based on the Company's and/or the industry's historical experience and industry standards and best practices as at December 31, 2024 and December 31, 2023. The impact on CSM is attributable to insurance contracts measured under the GMA and VFA. For insurance contracts measured under the GMA, the impact flows through the CSM at locked-in discount rates. For insurance contracts measured under the VFA, the impact flows through the CSM at current discount rates. The impact on net income is attributable to any portion of the sensitivities for insurance contracts measured under the GMA and VFA that cannot be absorbed by CSM, the full impact for insurance contracts measured under the PAA, and the difference in impact between locked-in and current discount rates for insurance contracts measured under the GMA. If current discount rates are higher than locked-in rates, this generally results in a favourable impact to net income from contracts measured under the GMA. As at December 31, 2024 2023 Potential impact on Potential impact on Potential impact on Potential impact on Sensitivities (1) Insurance contracts issued Net of reinsurance contracts held Insurance contracts issued Net of reinsurance contracts held Insurance contracts issued Net of reinsurance contracts held Insurance contracts issued Net of reinsurance contracts held Policyholder behaviour (10% increase / decrease, where adverse) $ (625) $ (800) $ 25 $ (25) $ (725) $ (950) $ 100 $ 100 Life mortality rates (2% increase) $ (350) $ 25 $ (50) $ (75) $ (425) $ (75) $ 25 $ (25) Annuity mortality rates (2% decrease) $ (200) $ (175) $ — $ — $ (175) $ (175) $ 25 $ — Morbidity rates (5% incidence increase and 5% termination decrease) $ (250) $ (125) $ (250) $ (225) $ (225) $ (100) $ (200) $ (175) Expenses (5% increase) $ (150) $ (150) $ (25) $ (25) $ (175) $ (175) $ — $ — (1) Net income and CSM sensitivities have been rounded in increments of $25. The sensitivities exclude the impacts on the income from our joint ventures and associates in China and India, which we account for on an equity basis. Impacts of method and assumption changes on insurance contracts, are as follows: For the year ended December 31, 2024 Income impact Deferred Description Mortality / Morbidity $ (79) $ 206 Updates to reflect mortality and morbidity experience in all jurisdictions. The largest items were favourable mortality impacts in Group Retirement Services and Individual Wealth in Canada, and the Philippines in Asia. These were partially offset by an unfavourable mortality impact in Individual Insurance in Canada. Policyholder behaviour (74) (152) Updates to reflect lapse and policyholder behaviour in all jurisdictions. The largest items were an adverse lapse impact in In-force Management in the U.S. and in Vietnam in Asia. Expense (36) (26) Updates to expenses in all jurisdictions. Financial 10 62 Updates to various financial related assumptions. Modelling enhancements and other 265 (60) Various enhancements and methodology changes. The largest items were the favourable impact of refinements in the International and Hong Kong blocks in Asia, offset by the impact of a new reinsurance treaty in In-force Management in the U.S. that was favourable to net income but unfavourable to CSM. Total (pre-tax) $ 86 $ 30 For the year ended December 31, 2023 Income impact Deferred Description Mortality / Morbidity $ (115) $ 179 Updates to reflect mortality/morbidity experience in all jurisdictions. The largest items were favourable mortality impacts in the UK Annuities in the U.S and Group Retirement Services in Canada. These were offset partially by adverse mortality in In-force Management in the U.S. Mortality updates impacting CSM favourably are funded at locked-in rates that are lower than current rates resulting in a negative net income impact. Additionally, favourable morbidity impacts in Group Benefits in the U.S. were largely offset by unfavourable morbidity updates in Sun Life Health in Canada. Policyholder behaviour (75) (274) Updates to reflect lapse and policyholder behaviour in all jurisdictions. The largest items were an adverse lapse impact in Individual Term and Universal Life in Canada, and in International, Hong Kong and Vietnam in Asia. Expense 10 (171) Updates to reflect higher costs related to IFRS 17 infrastructure and higher cost in Canada. Financial 163 202 Updates to various financial related assumptions including the ultimate risk-free rate. Modelling enhancements and other 107 382 Various enhancements and methodology changes. The largest items were favourable impacts from refinements to the modelling of guarantees for the Individual Par in Canada and International Universal Life in Asia, as well as modelling enhancements in Vietnam in Asia offset partially by a refinement in Group in Canada and to reinsurance and other provisions in Hong Kong in Asia. Total (pre-tax) $ 90 $ 318

Other Assets (Tables)

Other Assets (Tables)	12 Months Ended
	Dec. 31, 2024
Subclassifications of assets, liabilities and equities [abstract]
Schedule of Other Assets	As at December 31, 2024 2023 Accounts receivable $ 2,750 $ 2,414 Investment income due and accrued 1,163 1,124 Property and equipment 667 666 Right-of-use assets 734 785 Deferred acquisition costs (1) 157 152 Prepaid expenses 1,337 1,136 Accrued post-retirement benefit assets (Note 24) 58 50 Other 155 135 Total other assets $ 7,021 $ 6,462 (1) Amortization of deferred acquisition cost charged to income during the year amounted to $27 in 2024 ($25 in 2023).

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2024
Intangible Assets [Abstract]
Schedule of Reconciliation of Carrying Amount of Goodwill by Reportable Business Segments	Changes in the carrying amount of goodwill by reportable business segment are as follows: Canada U.S. Asset Asia Total Balance, January 1, 2023 $ 2,607 $ 3,364 $ 2,034 $ 700 $ 8,705 Acquisitions (Note 3) 162 104 134 — 400 Disposition (21) — — — (21) Foreign exchange rate movements — (79) (20) (16) (115) Balance, December 31, 2023 $ 2,748 $ 3,389 $ 2,148 $ 684 $ 8,969 Acquisitions (Note 3) (1) — — — (1) Foreign exchange rate movements — 290 140 58 488 Balance, December 31, 2024 $ 2,747 $ 3,679 $ 2,288 $ 742 $ 9,456 The carrying amounts of goodwill allocated to our CGUs or groups of CGUs are as follows: As at December 31, 2024 2023 Canada $ 2,747 $ 2,748 U.S. Dental 2,479 2,283 Group Benefits 1,200 1,106 Asset Management SLC Management 1,748 1,645 MFS 540 503 Asia 742 684 Total $ 9,456 $ 8,969
Schedule of Changes in Intangible Assets	Changes in intangible assets are as follows: Finite life Internally Other Indefinite Total Gross carrying amount Balance, January 1, 2023 $ 1,761 $ 3,542 $ 1,117 $ 6,420 Additions 126 261 46 433 Acquisitions — 368 67 435 Foreign exchange rate movements (11) (73) (8) (92) Balance, December 31, 2023 $ 1,876 $ 4,098 $ 1,222 $ 7,196 Additions 303 3 — 306 Disposals (21) — (47) (68) Foreign exchange rate movements 70 236 98 404 Balance, December 31, 2024 $ 2,228 $ 4,337 $ 1,273 $ 7,838 Accumulated amortization and impairment losses Balance, January 1, 2023 $ (765) $ (906) $ (25) $ (1,696) Amortization charge for the year (113) (231) — (344) Impairment of intangible assets — — (5) (5) Foreign exchange rate movements 6 15 2 23 Balance, December 31, 2023 $ (872) $ (1,122) $ (28) $ (2,022) Amortization charge for the year (218) (259) — (477) Disposals 21 — — 21 Impairment of intangible assets (1) — (195) (6) (201) Foreign exchange rate movements (37) (60) (4) (101) Balance, December 31, 2024 $ (1,106) $ (1,636) $ (38) $ (2,780) Net carrying amount, end of year: As at December 31, 2023 $ 1,004 $ 2,976 $ 1,194 $ 5,174 As at December 31, 2024 $ 1,122 $ 2,701 $ 1,235 $ 5,058 (1) Includes an impairment charge of $186 on an intangible asset related to bancassurance in Vietnam reflecting updates resulting from changes in regulatory and macro-economic factors. The recoverable amount of $303 is based on value-in-use. The impairment is included in Operating Expenses in our Consolidated Statements of Operations. The components of the intangible assets are as follows: As at December 31, 2024 2023 Finite life intangible assets: Distribution, sales potential of field force $ 244 $ 258 Client relationships and asset administration contracts 2,457 2,718 Internally generated software 1,122 1,004 Total finite life intangible assets 3,823 3,980 Indefinite life intangible assets: Fund management contracts (1) and other 1,235 1,194 Total indefinite life intangible assets 1,235 1,194 Total intangible assets $ 5,058 $ 5,174 (1) Fund management contracts are attributable to Asset Management, where its competitive position in, and the stability of, its markets support their classification as indefinite life intangible assets. Fund management contracts are allocated to MFS and SLC Management CGUs with carrying values of $290 (2023 — $272) and $931 (2023 — $916), respectively.

Insurance Contracts (Tables)

Insurance Contracts (Tables)	12 Months Ended
	Dec. 31, 2024
Insurance Contracts [Abstract]
Schedule of Weighted Average of Discount Curves	The following table provides a weighted average summary of the discount curves used to present value cash flows that do not vary based on the returns on underlying items for all major products by business group: As at December 31, 2024 2023 1 year 5 years 10 years 30 years Ultimate 1 year 5 years 10 years 30 years Ultimate Canada CAD 3.92% 4.02% 4.33% 4.48% 4.95% 5.51% 4.67% 4.59% 4.46% 4.95% U.S. USD 5.32% 5.45% 5.57% 5.98% 4.95% 5.84% 5.12% 5.04% 5.05% 4.95% Asia USD 5.40% 5.37% 5.99% 5.76% 4.95% 5.89% 5.06% 5.37% 5.48% 4.95%
Schedule of Changes in Net Liabilities for Insurance Contracts Issued by Measurement Component	The following table shows the changes in net liabilities for insurance contracts issued by measurement component: For the years ended and as at December 31, 2024 2023 Estimates of PV of future cash flows Risk adjustment CSM Total Estimates of PV of future cash flows Risk adjustment CSM Total Insurance contracts, beginning of year: Insurance contract liabilities — non-PAA $ 99,420 $ 7,388 $ 11,597 $ 118,405 $ 96,623 $ 6,847 $ 10,901 $ 114,371 Insurance contract liabilities — PAA 16,436 828 — 17,264 16,087 836 — 16,923 Insurance contract assets — non-PAA (578) 146 248 (184) (195) 51 69 (75) Insurance contract assets — PAA — — — — — — — — Net balances, beginning of year $ 115,278 $ 8,362 $ 11,845 $ 135,485 $ 112,515 $ 7,734 $ 10,970 $ 131,219 Changes related to current service: CSM recognized for services provided — — (1,117) (1,117) — — (923) (923) Risk adjustment recognized for non-financial risk expired — (596) — (596) — (545) — (545) Income taxes specifically chargeable to the policyholder (26) — — (26) (5) — — (5) Experience adjustments 176 — — 176 169 — — 169 Total changes related to current service 150 (596) (1,117) (1,563) 164 (545) (923) (1,304) Changes related to future service: Changes in estimates that adjust CSM (1) (508) 34 474 — (1,206) 292 914 — Changes in estimates that do not adjust CSM (losses on onerous groups and reversals of such losses) 81 72 — 153 33 9 — 42 Contracts initially recognized in the year (1,859) 530 1,448 119 (1,702) 513 1,259 70 Total changes related to future service (2,286) 636 1,922 272 (2,875) 814 2,173 112 Changes related to past service — Adjustments to FCF for incurred claims 8 (2) — 6 (39) (12) — (51) Insurance service result (2,128) 38 805 (1,285) (2,750) 257 1,250 (1,243) Insurance finance (income) expenses from insurance contracts issued 4,149 290 (97) 4,342 8,131 525 (8) 8,648 Total changes recognized in income 2,021 328 708 3,057 5,381 782 1,242 7,405 Foreign currency translation 3,524 235 475 4,234 (898) (54) (106) (1,058) Total changes recognized in income and OCI 5,545 563 1,183 7,291 4,483 728 1,136 6,347 Cash flows: Premiums received 16,055 — — 16,055 14,798 — — 14,798 Amounts paid to policyholders and other insurance service expenses paid (13,138) — — (13,138) (11,809) — — (11,809) Insurance acquisition cash flows (1,257) — — (1,257) (2,034) — — (2,034) Fees received from segregated funds 419 — — 419 422 — — 422 Other 1,096 — — 1,096 393 — — 393 Total cash flows 3,175 — — 3,175 1,770 — — 1,770 Dispositions (Note 3) — — — — (3,885) (92) (261) (4,238) Contracts modified (1) — — — — 46 — — 46 Changes in PAA balance 925 38 — 963 349 (8) — 341 Net balances, end of year $ 124,923 $ 8,963 $ 13,028 $ 146,914 $ 115,278 $ 8,362 $ 11,845 $ 135,485 Insurance contracts, end of year: Insurance contract liabilities — non-PAA (2) $ 108,232 $ 7,948 $ 12,733 $ 128,913 $ 99,420 $ 7,388 $ 11,597 $ 118,405 Insurance contract liabilities — PAA 17,490 866 — 18,356 16,436 828 — 17,264 Insurance contract assets — non-PAA (670) 149 295 (226) (578) 146 248 (184) Insurance contract assets — PAA (129) — — (129) — — — — Net balances, end of year $ 124,923 $ 8,963 $ 13,028 $ 146,914 $ 115,278 $ 8,362 $ 11,845 $ 135,485 (1) Reflective of a contract modification in 2023, resulting in the recognition of CSM related to a health contract in Asia Hong Kong. (2) Includes liabilities of $(325) as a t December 31, 2024 (December 31, 2023 — $(105) ) f or segregated fund insurance contracts that are not backed by the related Investments for account of segregated fund holders. The following table shows the changes in net liabilities for remaining coverage and incurred claims for insurance contracts issued: Liability for remaining coverage Liability for incurred claims Contracts using PAA For the year ended and as at December 31, 2024 Excluding loss component Loss component Contracts not using PAA Estimates of PV of future cash flows Risk Adjustment Total Insurance contract liabilities, beginning of year $ 117,440 $ 358 $ 1,195 $ 15,848 $ 828 $ 135,669 Insurance contract assets, beginning of year 2,516 — (2,700) — — (184) Net balances, beginning of year $ 119,956 $ 358 $ (1,505) $ 15,848 $ 828 $ 135,485 Insurance revenue (22,637) — — — — (22,637) Insurance service expenses: Incurred claims and other expenses — (57) 5,075 14,897 248 20,163 Amortization of insurance acquisition cash flows 341 — — — — 341 Changes related to future service (losses on onerous groups and reversals of such losses) — 266 — — — 266 Changes related to past service (changes in FCF related to liability for incurred claims) — — 59 (2,208) (248) (2,397) Total insurance service expenses 341 209 5,134 12,689 — 18,373 Insurance service result (22,296) 209 5,134 12,689 — (4,264) Insurance finance (income) expenses 4,262 17 70 755 35 5,139 Total changes recognized in income (18,034) 226 5,204 13,444 35 875 Foreign currency translation 4,262 5 (115) 490 3 4,645 Total changes recognized in income and OCI (13,772) 231 5,089 13,934 38 5,520 Cash flows: Premiums received 34,027 — — — — 34,027 Amounts paid to policyholders and other insurance service expenses paid — — (13,138) (15,305) — (28,443) Insurance acquisition cash flows (1,259) — — — — (1,259) Fees received from segregated funds 419 — — — — 419 Other 1,413 — (299) 51 — 1,165 Total cash flows 34,600 — (13,437) (15,254) — 5,909 Investment component excluded from insurance revenue and insurance service expense (10,924) — 8,349 2,575 — — Net balances, end of year $ 129,860 $ 589 $ (1,504) $ 17,103 $ 866 $ 146,914 Insurance contract liabilities, end of year $ 127,878 $ 579 $ 1,077 $ 16,869 $ 866 $ 147,269 Insurance contract assets, end of year 1,982 10 (2,581) 234 — (355) Net balances, end of year $ 129,860 $ 589 $ (1,504) $ 17,103 $ 866 $ 146,914 Liability for remaining coverage Liability for incurred claims Contracts using PAA For the year ended and as at December 31, 2023 Excluding loss component Loss component Contracts not using PAA Estimates of PV of future cash flows Risk Adjustment Total Insurance contract liabilities, beginning of year $ 113,237 $ 185 $ 1,803 $ 15,233 $ 836 $ 131,294 Insurance contract assets, beginning of year (118) 19 24 — — (75) Net balances, beginning of year $ 113,119 $ 204 $ 1,827 $ 15,233 $ 836 $ 131,219 Insurance revenue (21,356) — — — — (21,356) Insurance service expenses: Incurred claims and other expenses — 23 4,919 11,806 105 16,853 Amortization of insurance acquisition cash flows 202 — — — — 202 Changes related to future service (losses on onerous groups and reversals of such losses) — 126 — — — 126 Changes related to past service (changes in FCF related to liability for incurred claims) — — (51) 309 (163) 95 Total insurance service expenses 202 149 4,868 12,115 (58) 17,276 Insurance service result (21,154) 149 4,868 12,115 (58) (4,080) Insurance finance (income) expenses 8,652 7 (31) 994 53 9,675 Total changes recognized in income (12,502) 156 4,837 13,109 (5) 5,595 Foreign currency translation (1,071) (2) 43 (161) (3) (1,194) Total changes recognized in income and OCI (13,573) 154 4,880 12,948 (8) 4,401 Cash flows: Premiums received 31,876 — — — — 31,876 Amounts paid to policyholders and other insurance service expenses paid — — (11,878) (14,078) — (25,956) Insurance acquisition cash flows (2,061) — — — — (2,061) Fees received from segregated funds 422 — — — — 422 Other 794 — (428) 27 — 393 Total cash flows 31,031 — (12,306) (14,051) — 4,674 Investment component excluded from insurance revenue and insurance service expense (9,443) — 7,164 2,279 — — Dispositions (Note 3) (1,178) — (3,070) (561) — (4,809) Net balances, end of year $ 119,956 $ 358 $ (1,505) $ 15,848 $ 828 $ 135,485 Insurance contract liabilities, end of year $ 117,440 $ 358 $ 1,195 $ 15,848 $ 828 $ 135,669 Insurance contract assets, end of year 2,516 — (2,700) — — (184) Net balances, end of year $ 119,956 $ 358 $ (1,505) $ 15,848 $ 828 $ 135,485 The following table shows the changes in net assets for reinsurance contracts held by measurement component: For the years ended and as at December 31, 2024 2023 Estimates of PV of future cash flows Risk adjustment CSM Total Estimates of PV of future cash flows Risk adjustment CSM Total Reinsurance contract held, beginning of year: Reinsurance contract held assets — non-PAA $ 3,848 $ 1,431 $ 174 $ 5,453 $ 4,061 $ 1,450 $ 163 $ 5,674 Reinsurance contract held assets — PAA 324 17 — 341 440 1 — 441 Reinsurance contract held liabilities — non-PAA (2,355) 847 (115) (1,623) (2,275) 771 (58) (1,562) Reinsurance contract held liabilities — PAA — — — — (49) 8 — (41) Net balances, beginning of year $ 1,817 $ 2,295 $ 59 $ 4,171 $ 2,177 $ 2,230 $ 105 $ 4,512 Changes related to current service: CSM recognized for services received — — 18 18 — — (4) (4) Risk adjustment recognized for non-financial risk expired — (174) — (174) — (148) — (148) Experience adjustments 151 — — 151 137 — — 137 Total changes related to current service 151 (174) 18 (5) 137 (148) (4) (15) Changes related to future service: Changes in estimates that adjust CSM 490 (130) (360) — 68 (52) (16) — Loss recoveries at initial recognition of onerous underlying contracts — — 44 44 — — 35 35 Changes in estimates that relate to losses and reversals of losses on groups of underlying contracts 113 1 (47) 67 (6) 23 (4) 13 Contracts initially recognized in the year (56) 120 (64) — (45) 102 (57) — Total changes related to future service 547 (9) (427) 111 17 73 (42) 48 Changes related to past service — Adjustments to FCF for incurred claims 7 4 — 11 (38) (9) — (47) Reinsurance contract held net income (expense) 705 (179) (409) 117 116 (84) (46) (14) Insurance finance income (expenses) from reinsurance contracts held (139) 192 (1) 52 (120) 164 1 45 Total changes recognized in income 566 13 (410) 169 (4) 80 (45) 31 Foreign currency translation 286 51 13 350 (81) (14) (2) (97) Total changes recognized in income and OCI 852 64 (397) 519 (85) 66 (47) (66) Cash flows: Premiums paid 1,407 — — 1,407 1,525 — — 1,525 Amounts recovered from reinsurers (1,508) — — (1,508) (1,434) — — (1,434) Other (164) — — (164) (279) — — (279) Total cash flows (265) — — (265) (188) — — (188) Dispositions (Note 3) — — — — (25) (9) 1 (33) Contracts modified — — — — 5 — — 5 Changes in PAA balance 68 — — 68 (67) 8 — (59) Net balances, end of year $ 2,472 $ 2,359 $ (338) $ 4,493 $ 1,817 $ 2,295 $ 59 $ 4,171 Reinsurance contract held, end of year: Reinsurance contract held assets — non-PAA $ 4,292 $ 1,487 $ 130 $ 5,909 $ 3,848 $ 1,431 $ 174 $ 5,453 Reinsurance contract held assets — PAA 392 17 — 409 324 17 — 341 Reinsurance contract held liabilities — non-PAA (2,212) 855 (468) (1,825) (2,355) 847 (115) (1,623) Reinsurance contract held liabilities — PAA — — — — — — — — Net balances, end of year $ 2,472 $ 2,359 $ (338) $ 4,493 $ 1,817 $ 2,295 $ 59 $ 4,171 The following table shows the changes in net assets for remaining coverage and incurred claims for reinsurance contracts held: Asset for remaining coverage Asset for incurred claims Contracts using PAA For the year ended and as at December 31, 2024 Excluding loss-recovery component Loss-recovery component Contracts not using PAA Estimates of PV of future cash flows Risk Adjustment Total Reinsurance contract held assets, beginning of year $ 5,019 $ 56 $ 383 $ 319 $ 17 $ 5,794 Reinsurance contract held liabilities, beginning of year (1,599) 2 (26) — — (1,623) Net balances, beginning of year $ 3,420 $ 58 $ 357 $ 319 $ 17 $ 4,171 Reinsurance contract held net income (expense) excluding changes in risk of non-performance by the reinsurer (2,064) 92 1,339 717 1 85 Changes in the risk of non-performance by the reinsurer 2 — (2) — — — Reinsurance contract held net income (expense) (2,062) 92 1,337 717 1 85 Insurance finance income (expenses) from reinsurance contracts held 41 5 7 (1) (1) 51 Total changes recognized in income (2,021) 97 1,344 716 — 136 Foreign currency translation 310 — 38 20 — 368 Total changes recognized in income and OCI (1,711) 97 1,382 736 — 504 Cash flows: Premiums paid 2,179 — — — — 2,179 Amounts recovered from reinsurers — — (1,508) (705) — (2,213) Other (322) — 171 3 — (148) Total cash flows 1,857 — (1,337) (702) — (182) Investment component excluded from reinsurance contract held net income (expense) (60) — 32 28 — — Net balances, end of year $ 3,506 $ 155 $ 434 $ 381 $ 17 $ 4,493 Reinsurance contract held assets, end of year $ 5,403 $ 153 $ 364 $ 381 $ 17 $ 6,318 Reinsurance contract held liabilities, end of year (1,897) 2 70 — — (1,825) Net balances, end of year $ 3,506 $ 155 $ 434 $ 381 $ 17 $ 4,493 Asset for remaining coverage Asset for incurred claims Contracts using PAA For the year ended and as at December 31, 2023 Excluding loss-recovery component Loss-recovery component Contracts not using PAA Estimates of PV of future cash flows Risk Adjustment Total Reinsurance contract held assets, beginning of year $ 4,894 $ 18 $ 752 $ 450 $ 1 $ 6,115 Reinsurance contract held liabilities, beginning of year (1,501) — (40) (70) 8 (1,603) Net balances, beginning of year $ 3,393 $ 18 $ 712 $ 380 $ 9 $ 4,512 Reinsurance contract held net income (expense) excluding changes in risk of non-performance by the reinsurer (1,994) 38 1,300 580 7 (69) Changes in the risk of non-performance by the reinsurer 24 — (24) — — — Reinsurance contract held net income (expense) (1,970) 38 1,276 580 7 (69) Insurance finance income (expenses) from reinsurance contracts held 23 2 8 25 1 59 Total changes recognized in income (1,947) 40 1,284 605 8 (10) Foreign currency translation (67) — (82) (22) — (171) Total changes recognized in income and OCI (2,014) 40 1,202 583 8 (181) Cash flows: Premiums paid 2,268 — — — — 2,268 Amounts recovered from reinsurers — — (1,549) (562) — (2,111) Other (165) — (30) (2) — (197) Total cash flows 2,103 — (1,579) (564) — (40) Investment component excluded from reinsurance contract held net income (expense) (69) — 44 25 — — Dispositions (Note 3) 7 — (22) (105) — (120) Net balances, end of year $ 3,420 $ 58 $ 357 $ 319 $ 17 $ 4,171 Reinsurance contract held assets, end of year $ 5,019 $ 56 $ 383 $ 319 $ 17 $ 5,794 Reinsurance contract held liabilities, end of year (1,599) 2 (26) — — (1,623) Net balances, end of year $ 3,420 $ 58 $ 357 $ 319 $ 17 $ 4,171 The tables in this section illustrate the effect on the Consolidated Statements of Financial Position of insurance contracts initially recognized during the period, excluding contracts measured using the PAA. Insurance Contracts Issued For the year ended December 31, 2024 Canada U.S. Asia Corporate Total Contracts initially recognized in the period (excluding acquisitions): Amounts related to all contracts initially recognized: Estimates of present value of future cash inflows $ (9,182) $ — $ (8,539) $ — $ (17,721) Estimates of present value of future cash outflows: Insurance acquisition cash flows 1,033 — 1,744 — 2,777 Other cash outflows 7,456 — 5,629 — 13,085 Risk adjustment 293 — 237 — 530 CSM 512 — 936 — 1,448 Total contracts initially recognized in the period (excluding acquisitions) $ 112 $ — $ 7 $ — $ 119 Amounts related to onerous contracts included in total contracts above: Estimates of present value of future cash inflows $ (1,186) $ — $ (92) $ — $ (1,278) Estimates of present value of future cash outflows: Insurance acquisition cash flows 101 — 21 — 122 Other cash outflows 1,076 — 70 — 1,146 Risk adjustment 121 — 8 — 129 Total onerous contracts $ 112 $ — $ 7 $ — $ 119 For the year ended December 31, 2023 Canada U.S. Asia Corporate Total Contracts initially recognized in the period (excluding acquisitions): Amounts related to all contracts initially recognized: Estimates of present value of future cash inflows $ (9,564) $ — $ (6,181) $ — $ (15,745) Estimates of present value of future cash outflows: Insurance acquisition cash flows 1,009 — 1,277 — 2,286 Other cash outflows 7,804 — 3,953 — 11,757 Risk adjustment 260 — 253 — 513 CSM 552 — 707 — 1,259 Total contracts initially recognized in the period (excluding acquisitions) $ 61 $ — $ 9 $ — $ 70 Amounts related to onerous contracts included in total contracts above: Estimates of present value of future cash inflows $ (1,978) $ — $ (129) $ — $ (2,107) Estimates of present value of future cash outflows: Insurance acquisition cash flows 77 — 25 — 102 Other cash outflows 1,845 — 108 — 1,953 Risk adjustment 117 — 5 — 122 Total onerous contracts $ 61 $ — $ 9 $ — $ 70 Reinsurance Contracts Held For the year ended December 31, 2024 Canada U.S. Asia Corporate Total Contracts initially recognized in the period (excluding acquisitions): Amounts related to all contracts initially recognized: Estimates of present value of future cash inflows $ 275 $ — $ 289 $ — $ 564 Estimates of present value of future cash outflows: Premiums and other expenses (275) — (345) — (620) Risk adjustment 82 — 38 — 120 CSM (82) — 18 — (64) Total contracts initially recognized in the period (excluding acquisitions) $ — $ — $ — $ — $ — Amounts related to contracts initially recognized in the period with a loss recovery component included in total contracts above: Estimates of present value of future cash inflows $ 155 $ — $ 3 $ — $ 158 Estimates of present value of future cash outflows: Premiums and other expenses (145) — (3) — (148) Risk adjustment 56 — — — 56 CSM (66) — — — (66) Total reinsurance contracts held with a loss recovery component $ — $ — $ — $ — $ — Loss recoveries at initial recognition of onerous underlying contracts $ 43 $ — $ 1 $ — $ 44 For the year ended December 31, 2023 Canada U.S. Asia Corporate Total Contracts initially recognized in the period (excluding acquisitions): Amounts related to all contracts initially recognized: Estimates of present value of future cash inflows $ 264 $ — $ 85 $ — $ 349 Estimates of present value of future cash outflows: Premiums and other expenses (277) — (117) — (394) Risk adjustment 70 — 32 — 102 CSM (57) — — — (57) Total contracts initially recognized in the period (excluding acquisitions) $ — $ — $ — $ — $ — Amounts related to contracts initially recognized in the period with a loss recovery component included in total contracts above: Estimates of present value of future cash inflows $ 148 $ — $ 1 $ — $ 149 Estimates of present value of future cash outflows: Premiums and other expenses (147) — (1) — (148) Risk adjustment 45 — — — 45 CSM (46) — — — (46) Total reinsurance contracts held with a loss recovery component $ — $ — $ — $ — $ — Loss recoveries at initial recognition of onerous underlying contracts $ 34 $ — $ 1 $ — $ 35
Schedule of Changes in CSM by Reportable Segment	The following table shows the changes in CSM by reportable segment for insurance contracts issued: For the year ended and as at December 31, 2024 Canada U.S. Asia Corporate Total Net balances, beginning of year $ 6,062 $ 1,162 $ 4,621 $ — $ 11,845 Changes recognized in income and OCI: CSM recognized for services provided (493) (118) (506) — (1,117) Changes in estimates that adjust CSM (1) (101) 576 — 474 Contracts initially recognized in the year 512 — 936 — 1,448 Insurance finance (income) expenses from insurance contracts issued (128) 10 21 — (97) Foreign currency translation — 89 386 — 475 Net balances, end of year $ 5,952 $ 1,042 $ 6,034 $ — $ 13,028 For the year ended and as at December 31, 2023 Canada U.S. Asia Corporate Total Net balances, beginning of year $ 5,481 $ 1,296 $ 3,811 $ 382 $ 10,970 Changes recognized in income and OCI: CSM recognized for services provided (432) (116) (365) (10) (923) Changes in estimates that adjust CSM 492 (128) 555 (5) 914 Contracts initially recognized in the year 552 — 707 — 1,259 Insurance finance (income) expenses from insurance contracts issued (31) 20 4 (1) (8) Foreign currency translation — (29) (91) 14 (106) Dispositions — 119 — (380) (261) Net balances, end of year $ 6,062 $ 1,162 $ 4,621 $ — $ 11,845 Reinsurance Contracts Held The following table shows the changes in CSM by reportable segment for reinsurance contracts held: For the year ended and as at December 31, 2024 Canada U.S. Asia Corporate Total Net balances, beginning of year $ 32 $ 9 $ 18 $ — $ 59 Changes recognized in income and OCI: CSM recognized for services received 26 (5) (3) — 18 Changes in estimates that adjust CSM (529) 151 18 — (360) Loss recoveries at initial recognition of onerous underlying contracts 43 — 1 — 44 Changes in estimates that relate to losses and reversals of losses on groups of underlying contracts (46) — (1) — (47) Contracts initially recognized in the year (82) — 18 — (64) Insurance finance income (expenses) from reinsurance contracts held (4) 2 1 — (1) Foreign currency translation — 9 4 — 13 Net balances, end of year $ (560) $ 166 $ 56 $ — $ (338) For the year ended and as at December 31, 2023 Canada U.S. Asia Corporate Total Net balances, beginning of year $ (20) $ 128 $ (7) $ 4 $ 105 Changes recognized in income and OCI: CSM recognized for services received — (7) 1 2 (4) Changes in estimates that adjust CSM 78 (113) 26 (7) (16) Loss recoveries at initial recognition of onerous underlying contracts 34 — 1 — 35 Changes in estimates that relate to losses and reversals of losses on groups of underlying contracts (3) — (1) — (4) Contracts initially recognized in the year (57) — — — (57) Insurance finance income (expenses) from reinsurance contracts held — 1 — — 1 Foreign currency translation — — (2) — (2) Dispositions — — — 1 1 Net balances, end of year $ 32 $ 9 $ 18 $ — $ 59
Schedule of Analysis of Insurance Revenue	Insurance revenue in the Consolidated Statements of Operations consists of the following: For the years ended Canada U.S Asia Corporate Total December 31, 2024 For contracts not measured using the PAA: Amounts relating to changes in liabilities for remaining coverage: Expected claims and other expenses (1) $ 3,084 $ 1,112 $ 637 $ 9 $ 4,842 Release of risk adjustment (1) 353 61 182 — 596 CSM recognized for services provided 493 118 506 — 1,117 Income taxes specifically chargeable to the policyholder (6) — 32 — 26 Amortization of insurance acquisition cash flows 190 — 151 — 341 Total insurance revenue for contracts not measured using the PAA 4,114 1,291 1,508 9 6,922 For contracts measured using the PAA: Insurance revenue 4,664 11,005 46 — 15,715 Total insurance revenue $ 8,778 $ 12,296 $ 1,554 $ 9 $ 22,637 December 31, 2023 For contracts not measured using the PAA: Amounts relating to changes in liabilities for remaining coverage: Expected claims and other expenses (1) $ 2,924 $ 1,092 $ 655 $ 68 $ 4,739 Release of risk adjustment (1) 344 32 162 7 545 CSM recognized for services provided 432 116 365 10 923 Income taxes specifically chargeable to the policyholder 5 — — — 5 Amortization of insurance acquisition cash flows 90 — 112 — 202 Total insurance revenue for contracts not measured using the PAA 3,795 1,240 1,294 85 6,414 For contracts measured using the PAA: Insurance revenue 4,370 10,481 91 — 14,942 Total insurance revenue $ 8,165 $ 11,721 $ 1,385 $ 85 $ 21,356 (1)
Schedule of Sensitivity to Changes in Non-Financial Assumptions	The following table sets out the estimated immediate impact on, or sensitivity of, the CSM and net income to certain instantaneous changes in the insurance and other non-financial assumptions used in the calculation of our insurance contract liabilities, based on a starting point and business mix as at December 31, 2024 and December 31, 2023. These sensitivities are calculated independently for each risk factor, generally assuming that all other risk variables stay constant. The estimates are illustrative and different starting points for best estimate assumptions, CSM balances and business mix will result in different estimated sensitivities. These sensitivities represent the Company's estimate of changes in best estimate assumptions that are reasonably likely based on the Company's and/or the industry's historical experience and industry standards and best practices as at December 31, 2024 and December 31, 2023. The impact on CSM is attributable to insurance contracts measured under the GMA and VFA. For insurance contracts measured under the GMA, the impact flows through the CSM at locked-in discount rates. For insurance contracts measured under the VFA, the impact flows through the CSM at current discount rates. The impact on net income is attributable to any portion of the sensitivities for insurance contracts measured under the GMA and VFA that cannot be absorbed by CSM, the full impact for insurance contracts measured under the PAA, and the difference in impact between locked-in and current discount rates for insurance contracts measured under the GMA. If current discount rates are higher than locked-in rates, this generally results in a favourable impact to net income from contracts measured under the GMA. As at December 31, 2024 2023 Potential impact on Potential impact on Potential impact on Potential impact on Sensitivities (1) Insurance contracts issued Net of reinsurance contracts held Insurance contracts issued Net of reinsurance contracts held Insurance contracts issued Net of reinsurance contracts held Insurance contracts issued Net of reinsurance contracts held Policyholder behaviour (10% increase / decrease, where adverse) $ (625) $ (800) $ 25 $ (25) $ (725) $ (950) $ 100 $ 100 Life mortality rates (2% increase) $ (350) $ 25 $ (50) $ (75) $ (425) $ (75) $ 25 $ (25) Annuity mortality rates (2% decrease) $ (200) $ (175) $ — $ — $ (175) $ (175) $ 25 $ — Morbidity rates (5% incidence increase and 5% termination decrease) $ (250) $ (125) $ (250) $ (225) $ (225) $ (100) $ (200) $ (175) Expenses (5% increase) $ (150) $ (150) $ (25) $ (25) $ (175) $ (175) $ — $ — (1) Net income and CSM sensitivities have been rounded in increments of $25. The sensitivities exclude the impacts on the income from our joint ventures and associates in China and India, which we account for on an equity basis. Impacts of method and assumption changes on insurance contracts, are as follows: For the year ended December 31, 2024 Income impact Deferred Description Mortality / Morbidity $ (79) $ 206 Updates to reflect mortality and morbidity experience in all jurisdictions. The largest items were favourable mortality impacts in Group Retirement Services and Individual Wealth in Canada, and the Philippines in Asia. These were partially offset by an unfavourable mortality impact in Individual Insurance in Canada. Policyholder behaviour (74) (152) Updates to reflect lapse and policyholder behaviour in all jurisdictions. The largest items were an adverse lapse impact in In-force Management in the U.S. and in Vietnam in Asia. Expense (36) (26) Updates to expenses in all jurisdictions. Financial 10 62 Updates to various financial related assumptions. Modelling enhancements and other 265 (60) Various enhancements and methodology changes. The largest items were the favourable impact of refinements in the International and Hong Kong blocks in Asia, offset by the impact of a new reinsurance treaty in In-force Management in the U.S. that was favourable to net income but unfavourable to CSM. Total (pre-tax) $ 86 $ 30 For the year ended December 31, 2023 Income impact Deferred Description Mortality / Morbidity $ (115) $ 179 Updates to reflect mortality/morbidity experience in all jurisdictions. The largest items were favourable mortality impacts in the UK Annuities in the U.S and Group Retirement Services in Canada. These were offset partially by adverse mortality in In-force Management in the U.S. Mortality updates impacting CSM favourably are funded at locked-in rates that are lower than current rates resulting in a negative net income impact. Additionally, favourable morbidity impacts in Group Benefits in the U.S. were largely offset by unfavourable morbidity updates in Sun Life Health in Canada. Policyholder behaviour (75) (274) Updates to reflect lapse and policyholder behaviour in all jurisdictions. The largest items were an adverse lapse impact in Individual Term and Universal Life in Canada, and in International, Hong Kong and Vietnam in Asia. Expense 10 (171) Updates to reflect higher costs related to IFRS 17 infrastructure and higher cost in Canada. Financial 163 202 Updates to various financial related assumptions including the ultimate risk-free rate. Modelling enhancements and other 107 382 Various enhancements and methodology changes. The largest items were favourable impacts from refinements to the modelling of guarantees for the Individual Par in Canada and International Universal Life in Asia, as well as modelling enhancements in Vietnam in Asia offset partially by a refinement in Group in Canada and to reinsurance and other provisions in Hong Kong in Asia. Total (pre-tax) $ 90 $ 318
Schedules of Insurance Contracts Issued and Reinsurance Contracts Held	The following tables illustrate the expected timing of CSM amortization into Insurance revenue for insurance contracts issued: Canada U.S. Asia Corporate Total As at December 31, 2024 Within 1 year $ 450 $ 104 $ 497 $ — $ 1,051 1-3 years 805 180 883 — 1,868 3-5 years 692 149 750 — 1,591 5-10 years 1,325 266 1,382 — 2,973 Over 10 years 2,680 343 2,522 — 5,545 Total $ 5,952 $ 1,042 $ 6,034 $ — $ 13,028 As at December 31, 2023 Within 1 year $ 476 $ 112 $ 387 $ — $ 975 1-3 years 848 194 677 — 1,719 3-5 years 726 162 571 — 1,459 5-10 years 1,378 294 1,075 — 2,747 Over 10 years 2,634 400 1,911 — 4,945 Total $ 6,062 $ 1,162 $ 4,621 $ — $ 11,845 The following tables illustrate the expected timing of CSM amortization into net income (expense) for reinsurance contracts held: Canada U.S. Asia Corporate Total As at December 31, 2024 Within 1 year $ 52 $ (15) $ (5) $ — $ 32 1-3 years 92 (26) (9) — 57 3-5 years 77 (22) (8) — 47 5-10 years 138 (42) (14) — 82 Over 10 years 201 (61) (20) — 120 Total $ 560 $ (166) $ (56) $ — $ 338 As at December 31, 2023 Within 1 year $ (2) $ (3) $ (1) $ — $ (6) 1-3 years (3) (4) (2) — (9) 3-5 years (3) (3) (2) — (8) 5-10 years (7) (2) (4) — (13) Over 10 years (17) 3 (9) — (23) Total $ (32) $ (9) $ (18) $ — $ (59)
Schedule of Measurement Components of Insurance Contract Balances	The following table shows the reconciliations of the CSM and the amount of insurance revenue recognized separately for insurance contracts issued that existed at the transition date to which the fair value transition approach was applied as described in Note 1. The reconciliation of the CSM for all other contracts is for contracts issued after the transition date that are not measured using the PAA. Insurance revenue for all other contracts includes contracts issued after the transition date as well as all revenue from all contracts measured using the PAA. For the years ended December 31, 2024 2023 Fair value at Transition All other contracts Fair value at Transition All other contracts Contractual Service Margin: Balances, beginning of year $ 9,701 $ 2,144 $ 10,205 $ 765 Changes related to current service: CSM recognized for services provided (906) (211) (822) (101) Changes related to future service: Changes in estimates that adjust CSM 506 (32) 703 211 Contracts initially recognized in the year — 1,448 — 1,259 Insurance finance income (expenses) from insurance contracts issued (147) 50 (39) 31 Foreign currency translation 329 146 (85) (21) Dispositions — — (261) — Balances, end of year $ 9,483 $ 3,545 $ 9,701 $ 2,144 Insurance revenue $ 5,765 $ 16,872 $ 5,716 $ 15,640 The following table shows the reconciliations of the CSM separately for reinsurance contracts held that existed at the transition date to which the fair value transition approach was applied. The reconciliation of the CSM for all other contracts is for contracts issued after the transition date that are not measured using the PAA. For the years ended December 31, 2024 2023 Fair value at Transition All other contracts Fair value at Transition All other contracts Contractual Service Margin: Balances, beginning of year $ 146 $ (87) $ 175 $ (70) Changes related to current service: CSM recognized for services received 7 11 (11) 7 Changes related to future service: Changes in estimates that adjust CSM (344) (16) (22) 6 Loss recoveries at initial recognition of onerous underlying contracts — 44 — 35 Changes in estimates that relate to losses and reversals of losses on groups of underlying contracts (39) (8) 3 (7) Contracts initially recognized in the year — (64) — (57) Insurance finance income (expenses) from reinsurance contracts held — (1) 2 (1) Foreign currency translation 7 6 (2) — Dispositions — — 1 — Balances, end of year $ (223) $ (115) $ 146 $ (87)
Schedule of Underlying Items for Insurance Contracts with Direct Participation Features	The composition and fair value of the underlying items for other insurance contracts with direct participation features included in the Consolidated Statements of Financial Position, are as follows: As at December 31, 2024 2023 Cash, cash equivalents and short-term securities $ 5,115 $ 3,529 Debt securities 26,349 23,668 Equity securities 6,877 4,790 Mortgages and loans 11,518 10,746 Derivative assets 211 250 Other financial invested assets 2,666 2,260 Investment properties 5,714 5,967 Total $ 58,450 $ 51,210
Schedule of Insurance Service Expense	For the years ended December 31, 2024 2023 Incurred claims and other expenses (1) $ 20,163 $ 16,853 Amortization of insurance acquisition cash flows 341 202 Insurance acquisition cash flows expensed as incurred 1,258 1,174 Changes related to future service (losses on onerous groups and reversals of such losses) 266 126 Changes related to past service (changes in FCF related to liability for incurred claims) (2,397) 95 Total insurance service expenses $ 19,631 $ 18,450

Other Liabilities (Tables)

Other Liabilities (Tables)	12 Months Ended
	Dec. 31, 2024
Subclassifications of assets, liabilities and equities [abstract]
Schedule of Other Liabilities	As at December 31, 2024 2023 Accounts payable $ 2,559 $ 2,493 Bank overdrafts and cash pooling 175 — Repurchase agreements (Note 5) 2,840 2,705 Accrued expenses and taxes 4,904 4,433 Credit facilities (1) 2,126 2,330 Borrowed funds (2) 361 333 Accrued post-retirement benefit liability (Note 24) 351 355 Secured borrowings from mortgage securitization (Note 5) 1,854 2,119 Lease liabilities 946 989 Other financial liabilities (Note 5) (3) 2,265 2,449 Obligations for securities borrowing 239 223 Collateralized loan obligations (Note 5) 5,028 3,247 Deferred payments liability 197 240 Other (1) 2,447 1,739 Total other liabilities $ 26,292 $ 23,655 (1) Interest expense on credit facilities and other borrowings was $148 in 2024 (2023 — $167). (2) The change in Borrowed funds relates to net cash flow changes of $23 in 2024 (2023 — $(72)) and foreign exchange rate movements of $5 in 2024 (2023 — $2). (3) Comprises of financial liabilities related to acquisitions, including put option liabilities and financial liabilities due to NCI. Interest expense on financial liabilities related to acquisitions was $87 in 2024 (2023 — $91).
Schedule of Borrowings	Borrowed funds include the following: As at December 31, Currency of borrowing Maturity 2024 2023 Encumbrances on real estate CAD Current — 2032 $ 294 $ 258 Encumbrances on real estate USD 2028 67 75 Total borrowed funds $ 361 $ 333 The following obligations are included in Senior debentures as at December 31: Interest Earliest par call or Maturity 2024 2023 Sun Life Assurance senior debentures: Issued to Sun Life Capital Trust ("SLCT I") Series B issued June 25, 2002 7.093% June 30, 2032 (2) 2052 $ 200 $ 200 Fair value $ 228 $ 220 (1) All senior debentures are unsecured, and redemptions are subject to regulatory approval. (2) Redeemable in whole or in part on any interest payment date or in whole upon the occurrence of a Regulatory Event or Tax Event, as described in the debenture. Prior to June 30, 2032, the redemption price is the greater of par and a price based on the yield of a corresponding Government of Canada bond plus 0.32%; from June 30, 2032, the redemption price is par. The following obligations are included in Subordinated debt as at December 31, and qualify as capital for Canadian regulatory purposes: Interest rate Earliest par call date (1) Maturity 2024 2023 Sun Life Assurance: Issued May 15, 1998 (2) 6.30% n/a 2028 $ 150 $ 150 Sun Life Financial Inc.: Issued May 29, 2007 (3) 5.40% May 29, 2037 (4) 2042 399 398 Issued August 13, 2019 (5) 2.38% August 13, 2024 2029 — 750 Issued May 8, 2020 (6) 2.58% May 10, 2027 2032 998 997 Issued October 1, 2020 (7) 2.06% October 1, 2030 2035 747 747 Issued November 18, 2021 (8) 2.46% November 18, 2026 2031 499 498 Issued November 18, 2021 (9) 2.80% November 21, 2028 2033 997 996 Issued November 18, 2021 (10) 3.15% November 18, 2031 2036 498 498 Issued August 10, 2022 (11) 4.78% August 10, 2029 2034 648 647 Issued July 4, 2023 (12) 5.50% July 4, 2030 2035 497 497 Issued May 15, 2024 (13) 5.12% May 15, 2031 2036 746 — Total subordinated debt $ 6,179 $ 6,178 Fair value $ 6,179 $ 5,888 (1) Subject to regulatory approval all obligations are redeemable 5-years after issuance date. From the date noted, the redemption price is par and redemption may only occur on a scheduled interest payment date. (2) 6.30% Debentures, Series 2, due 2028, issued by The Mutual Life Assurance Company of Canada, which subsequently changed its name to Clarica Life Insurance Company ("Clarica") and was amalgamated with Sun Life Assurance. These debentures are redeemable at any time. Prior to May 15, 2028, the redemption price is the greater of par and a price based on the yield of a corresponding Government of Canada bond plus 0.16%. (3) Series 2007-1 Subordinated Unsecured 5.40% Fixed/Floating Debentures due 2042. From May 29, 2037, interest is payable at 1.00% over CDOR, subject to any necessary action to reflect the replacement of CDOR. (4) For redemption of the 2007 debentures prior to the date noted, the redemption price is the greater of par and a price based on the yield of a corresponding Government of Canada bond plus 0.250%. (5) Series 2019-1 Subordinated Unsecured 2.38% Fixed/Floating Debentures due 2029. On August 13, 2024, SLF Inc. redeemed all of the outstanding $750 principal amount of these debentures in accordance with the redemption terms attached to such debentures. (6) Series 2020-1 Subordinated Unsecured 2.58% Fixed/Floating Debentures due 2032. From May 10, 2027, interest is payable at 1.66% over CDOR, subject to transition to an alternative benchmark rate due to the interest rate benchmark reform. Between May 10, 2025 and May 10, 2027, the redemption price is the greater of par and a price based on the yield of a corresponding Government of Canada bond plus 0.515%. (7) Series 2020-2 Subordinated Unsecured 2.06% Fixed/Floating Debentures due 2035. From October 1, 2030, interest is payable at 1.03% over CDOR, subject to transition to an alternative benchmark rate due to the interest rate benchmark reform. Between October 1, 2025 and October 1, 2030, the redemption price is the greater of par and a price based on the yield of a corresponding Government of Canada bond plus 0.380%. (8) Series 2021-1 Subordinated Unsecured 2.46% Fixed/Floating Debentures due 2031. From November 18, 2026, interest is payable at 0.44% over CDOR, subject to transition to an alternative benchmark rate due to the interest rate benchmark reform. (9) Series 2021-2 Subordinated Unsecured 2.80% Fixed/Floating Debentures due 2033. From November 21, 2028, interest is payable at 0.69% over CDOR, subject to transition to an alternative benchmark rate due to the interest rate benchmark reform. Between November 21, 2026 and November 21, 2028, the redemption price is the greater of par and a price based on the yield of a corresponding Government of Canada bond plus 0.285%. (10) Series 2021-3 Subordinated Unsecured 3.15% Fixed/Floating Debentures due 2036. From November 18, 2031, interest is payable at 0.91% over CDOR, subject to transition to an alternative benchmark rate due to the interest rate benchmark reform. Between November 18, 2026 and November 18, 2031, the redemption price is the greater of par and a price based on the yield of a corresponding Government of Canada bond plus 0.335%. (11) Series 2022-1 Subordinated Unsecured 4.78% Fixed/Floating Debentures due 2034. From August 10, 2029, interest is payable at 1.96% over the CORRA. Between August 10, 2027 and August 10, 2029, the redemption price is the greater of par and a price based on the yield of a corresponding Government of Canada bond plus 0.520%. (12) Series 2023-1 Subordinated Unsecured 5.50% Fixed/Floating Debentures due 2035. From July 4, 2030, interest is payable at 1.93% over the CORRA. Between July 4, 2028 and July 4, 2030, the redemption price is the greater of par and a price based on the yield of a corresponding Government of Canada bond plus 0.525%. (13) Series 2024-1 Subordinated Unsecured 5.12% Fixed/Floating Debentures due 2036. From May 15, 2031, interest is payable at 1.46% over the CORRA. Between May 15, 2029 and May 15, 2031, the redemption price is the greater of par and a price based on the yield of a corresponding Government of Canada bond plus 0.355%.

Senior Debentures and Innovat_2

Senior Debentures and Innovative Capital Instruments (Tables)	12 Months Ended
	Dec. 31, 2024
Financial Instruments [Abstract]
Schedule of Borrowings	Borrowed funds include the following: As at December 31, Currency of borrowing Maturity 2024 2023 Encumbrances on real estate CAD Current — 2032 $ 294 $ 258 Encumbrances on real estate USD 2028 67 75 Total borrowed funds $ 361 $ 333 The following obligations are included in Senior debentures as at December 31: Interest Earliest par call or Maturity 2024 2023 Sun Life Assurance senior debentures: Issued to Sun Life Capital Trust ("SLCT I") Series B issued June 25, 2002 7.093% June 30, 2032 (2) 2052 $ 200 $ 200 Fair value $ 228 $ 220 (1) All senior debentures are unsecured, and redemptions are subject to regulatory approval. (2) Redeemable in whole or in part on any interest payment date or in whole upon the occurrence of a Regulatory Event or Tax Event, as described in the debenture. Prior to June 30, 2032, the redemption price is the greater of par and a price based on the yield of a corresponding Government of Canada bond plus 0.32%; from June 30, 2032, the redemption price is par. The following obligations are included in Subordinated debt as at December 31, and qualify as capital for Canadian regulatory purposes: Interest rate Earliest par call date (1) Maturity 2024 2023 Sun Life Assurance: Issued May 15, 1998 (2) 6.30% n/a 2028 $ 150 $ 150 Sun Life Financial Inc.: Issued May 29, 2007 (3) 5.40% May 29, 2037 (4) 2042 399 398 Issued August 13, 2019 (5) 2.38% August 13, 2024 2029 — 750 Issued May 8, 2020 (6) 2.58% May 10, 2027 2032 998 997 Issued October 1, 2020 (7) 2.06% October 1, 2030 2035 747 747 Issued November 18, 2021 (8) 2.46% November 18, 2026 2031 499 498 Issued November 18, 2021 (9) 2.80% November 21, 2028 2033 997 996 Issued November 18, 2021 (10) 3.15% November 18, 2031 2036 498 498 Issued August 10, 2022 (11) 4.78% August 10, 2029 2034 648 647 Issued July 4, 2023 (12) 5.50% July 4, 2030 2035 497 497 Issued May 15, 2024 (13) 5.12% May 15, 2031 2036 746 — Total subordinated debt $ 6,179 $ 6,178 Fair value $ 6,179 $ 5,888 (1) Subject to regulatory approval all obligations are redeemable 5-years after issuance date. From the date noted, the redemption price is par and redemption may only occur on a scheduled interest payment date. (2) 6.30% Debentures, Series 2, due 2028, issued by The Mutual Life Assurance Company of Canada, which subsequently changed its name to Clarica Life Insurance Company ("Clarica") and was amalgamated with Sun Life Assurance. These debentures are redeemable at any time. Prior to May 15, 2028, the redemption price is the greater of par and a price based on the yield of a corresponding Government of Canada bond plus 0.16%. (3) Series 2007-1 Subordinated Unsecured 5.40% Fixed/Floating Debentures due 2042. From May 29, 2037, interest is payable at 1.00% over CDOR, subject to any necessary action to reflect the replacement of CDOR. (4) For redemption of the 2007 debentures prior to the date noted, the redemption price is the greater of par and a price based on the yield of a corresponding Government of Canada bond plus 0.250%. (5) Series 2019-1 Subordinated Unsecured 2.38% Fixed/Floating Debentures due 2029. On August 13, 2024, SLF Inc. redeemed all of the outstanding $750 principal amount of these debentures in accordance with the redemption terms attached to such debentures. (6) Series 2020-1 Subordinated Unsecured 2.58% Fixed/Floating Debentures due 2032. From May 10, 2027, interest is payable at 1.66% over CDOR, subject to transition to an alternative benchmark rate due to the interest rate benchmark reform. Between May 10, 2025 and May 10, 2027, the redemption price is the greater of par and a price based on the yield of a corresponding Government of Canada bond plus 0.515%. (7) Series 2020-2 Subordinated Unsecured 2.06% Fixed/Floating Debentures due 2035. From October 1, 2030, interest is payable at 1.03% over CDOR, subject to transition to an alternative benchmark rate due to the interest rate benchmark reform. Between October 1, 2025 and October 1, 2030, the redemption price is the greater of par and a price based on the yield of a corresponding Government of Canada bond plus 0.380%. (8) Series 2021-1 Subordinated Unsecured 2.46% Fixed/Floating Debentures due 2031. From November 18, 2026, interest is payable at 0.44% over CDOR, subject to transition to an alternative benchmark rate due to the interest rate benchmark reform. (9) Series 2021-2 Subordinated Unsecured 2.80% Fixed/Floating Debentures due 2033. From November 21, 2028, interest is payable at 0.69% over CDOR, subject to transition to an alternative benchmark rate due to the interest rate benchmark reform. Between November 21, 2026 and November 21, 2028, the redemption price is the greater of par and a price based on the yield of a corresponding Government of Canada bond plus 0.285%. (10) Series 2021-3 Subordinated Unsecured 3.15% Fixed/Floating Debentures due 2036. From November 18, 2031, interest is payable at 0.91% over CDOR, subject to transition to an alternative benchmark rate due to the interest rate benchmark reform. Between November 18, 2026 and November 18, 2031, the redemption price is the greater of par and a price based on the yield of a corresponding Government of Canada bond plus 0.335%. (11) Series 2022-1 Subordinated Unsecured 4.78% Fixed/Floating Debentures due 2034. From August 10, 2029, interest is payable at 1.96% over the CORRA. Between August 10, 2027 and August 10, 2029, the redemption price is the greater of par and a price based on the yield of a corresponding Government of Canada bond plus 0.520%. (12) Series 2023-1 Subordinated Unsecured 5.50% Fixed/Floating Debentures due 2035. From July 4, 2030, interest is payable at 1.93% over the CORRA. Between July 4, 2028 and July 4, 2030, the redemption price is the greater of par and a price based on the yield of a corresponding Government of Canada bond plus 0.525%. (13) Series 2024-1 Subordinated Unsecured 5.12% Fixed/Floating Debentures due 2036. From May 15, 2031, interest is payable at 1.46% over the CORRA. Between May 15, 2029 and May 15, 2031, the redemption price is the greater of par and a price based on the yield of a corresponding Government of Canada bond plus 0.355%.
Schedule of Significant Terms and Conditions	The table below presents additional significant terms and conditions of the SLEECS: Issuer Issuance date Distribution or interest payment dates Annual yield Redemption date at the issuer’s option Conversion date at the holder’s option Principal amount Sun Life Capital Trust ("SLCT I") (1)(2)(3)(4) SLEECS B June 25, 2002 June 30, December 31 7.093% June 30, 2007 Any time $ 200 (1) Subject to regulatory approval, SLCT I may (i) redeem any outstanding SLEECS, in whole or in part, on the redemption date specified above or on any distribution date thereafter and (ii) may redeem all, but not part of any class of SLEECS upon occurrence of a Regulatory Event or a Tax Event, prior to the redemption date specified above. (2) The SLEECS B may be redeemed for cash equivalent to (i) the greater of the Early Redemption Price or the Redemption Price if the redemption occurs prior to June 30, 2032 or (ii) the Redemption Price if the redemption occurs on or after June 30, 2032. Redemption Price is equal to one thousand dollars plus the unpaid distributions, other than unpaid distributions resulting from a Missed Dividend Event, to the redemption date. Early Redemption Price for the SLEECS B is the price calculated to provide an annual yield, equal to the yield of a Government of Canada bond issued on the redemption date that has a maturity date of June 30, 2032, plus 32 basis points, plus the unpaid distributions, other than unpaid distributions resulting from a Missed Dividend Event, to the redemption date. (3) The non-cumulative perpetual preferred shares of Sun Life Assurance issued upon an Automatic Exchange Event in respect of the SLEECS B will become convertible, at the option of the holder, into a variable number of common shares of SLF Inc. on distribution dates on or after December 31, 2032. (4) Holders of SLEECS B may exchange, at any time, all or part of their SLEECS B units for non-cumulative perpetual preferred shares of Sun Life Assurance at an exchange rate for each SLEECS of 40 non-cumulative perpetual preferred shares of Sun Life Assurance. SLCT I will have the right, at any time before the exchange is completed, to arrange for a substituted purchaser to purchase SLEECS tendered for surrender to SLCT I so long as the holder of the SLEECS so tendered has not withheld consent to the purchase of its SLEECS. Any non-cumulative perpetual preferred shares issued in respect of an exchange by the holders of SLEECS B will become convertible, at the option of the holder, into a variable number of common shares of SLF Inc. on distribution dates on or after December 31, 2032.

Subordinated Debt (Tables)

Subordinated Debt (Tables)	12 Months Ended
	Dec. 31, 2024
Financial Instruments [Abstract]
Schedule of Borrowings	Borrowed funds include the following: As at December 31, Currency of borrowing Maturity 2024 2023 Encumbrances on real estate CAD Current — 2032 $ 294 $ 258 Encumbrances on real estate USD 2028 67 75 Total borrowed funds $ 361 $ 333 The following obligations are included in Senior debentures as at December 31: Interest Earliest par call or Maturity 2024 2023 Sun Life Assurance senior debentures: Issued to Sun Life Capital Trust ("SLCT I") Series B issued June 25, 2002 7.093% June 30, 2032 (2) 2052 $ 200 $ 200 Fair value $ 228 $ 220 (1) All senior debentures are unsecured, and redemptions are subject to regulatory approval. (2) Redeemable in whole or in part on any interest payment date or in whole upon the occurrence of a Regulatory Event or Tax Event, as described in the debenture. Prior to June 30, 2032, the redemption price is the greater of par and a price based on the yield of a corresponding Government of Canada bond plus 0.32%; from June 30, 2032, the redemption price is par. The following obligations are included in Subordinated debt as at December 31, and qualify as capital for Canadian regulatory purposes: Interest rate Earliest par call date (1) Maturity 2024 2023 Sun Life Assurance: Issued May 15, 1998 (2) 6.30% n/a 2028 $ 150 $ 150 Sun Life Financial Inc.: Issued May 29, 2007 (3) 5.40% May 29, 2037 (4) 2042 399 398 Issued August 13, 2019 (5) 2.38% August 13, 2024 2029 — 750 Issued May 8, 2020 (6) 2.58% May 10, 2027 2032 998 997 Issued October 1, 2020 (7) 2.06% October 1, 2030 2035 747 747 Issued November 18, 2021 (8) 2.46% November 18, 2026 2031 499 498 Issued November 18, 2021 (9) 2.80% November 21, 2028 2033 997 996 Issued November 18, 2021 (10) 3.15% November 18, 2031 2036 498 498 Issued August 10, 2022 (11) 4.78% August 10, 2029 2034 648 647 Issued July 4, 2023 (12) 5.50% July 4, 2030 2035 497 497 Issued May 15, 2024 (13) 5.12% May 15, 2031 2036 746 — Total subordinated debt $ 6,179 $ 6,178 Fair value $ 6,179 $ 5,888 (1) Subject to regulatory approval all obligations are redeemable 5-years after issuance date. From the date noted, the redemption price is par and redemption may only occur on a scheduled interest payment date. (2) 6.30% Debentures, Series 2, due 2028, issued by The Mutual Life Assurance Company of Canada, which subsequently changed its name to Clarica Life Insurance Company ("Clarica") and was amalgamated with Sun Life Assurance. These debentures are redeemable at any time. Prior to May 15, 2028, the redemption price is the greater of par and a price based on the yield of a corresponding Government of Canada bond plus 0.16%. (3) Series 2007-1 Subordinated Unsecured 5.40% Fixed/Floating Debentures due 2042. From May 29, 2037, interest is payable at 1.00% over CDOR, subject to any necessary action to reflect the replacement of CDOR. (4) For redemption of the 2007 debentures prior to the date noted, the redemption price is the greater of par and a price based on the yield of a corresponding Government of Canada bond plus 0.250%. (5) Series 2019-1 Subordinated Unsecured 2.38% Fixed/Floating Debentures due 2029. On August 13, 2024, SLF Inc. redeemed all of the outstanding $750 principal amount of these debentures in accordance with the redemption terms attached to such debentures. (6) Series 2020-1 Subordinated Unsecured 2.58% Fixed/Floating Debentures due 2032. From May 10, 2027, interest is payable at 1.66% over CDOR, subject to transition to an alternative benchmark rate due to the interest rate benchmark reform. Between May 10, 2025 and May 10, 2027, the redemption price is the greater of par and a price based on the yield of a corresponding Government of Canada bond plus 0.515%. (7) Series 2020-2 Subordinated Unsecured 2.06% Fixed/Floating Debentures due 2035. From October 1, 2030, interest is payable at 1.03% over CDOR, subject to transition to an alternative benchmark rate due to the interest rate benchmark reform. Between October 1, 2025 and October 1, 2030, the redemption price is the greater of par and a price based on the yield of a corresponding Government of Canada bond plus 0.380%. (8) Series 2021-1 Subordinated Unsecured 2.46% Fixed/Floating Debentures due 2031. From November 18, 2026, interest is payable at 0.44% over CDOR, subject to transition to an alternative benchmark rate due to the interest rate benchmark reform. (9) Series 2021-2 Subordinated Unsecured 2.80% Fixed/Floating Debentures due 2033. From November 21, 2028, interest is payable at 0.69% over CDOR, subject to transition to an alternative benchmark rate due to the interest rate benchmark reform. Between November 21, 2026 and November 21, 2028, the redemption price is the greater of par and a price based on the yield of a corresponding Government of Canada bond plus 0.285%. (10) Series 2021-3 Subordinated Unsecured 3.15% Fixed/Floating Debentures due 2036. From November 18, 2031, interest is payable at 0.91% over CDOR, subject to transition to an alternative benchmark rate due to the interest rate benchmark reform. Between November 18, 2026 and November 18, 2031, the redemption price is the greater of par and a price based on the yield of a corresponding Government of Canada bond plus 0.335%. (11) Series 2022-1 Subordinated Unsecured 4.78% Fixed/Floating Debentures due 2034. From August 10, 2029, interest is payable at 1.96% over the CORRA. Between August 10, 2027 and August 10, 2029, the redemption price is the greater of par and a price based on the yield of a corresponding Government of Canada bond plus 0.520%. (12) Series 2023-1 Subordinated Unsecured 5.50% Fixed/Floating Debentures due 2035. From July 4, 2030, interest is payable at 1.93% over the CORRA. Between July 4, 2028 and July 4, 2030, the redemption price is the greater of par and a price based on the yield of a corresponding Government of Canada bond plus 0.525%. (13) Series 2024-1 Subordinated Unsecured 5.12% Fixed/Floating Debentures due 2036. From May 15, 2031, interest is payable at 1.46% over the CORRA. Between May 15, 2029 and May 15, 2031, the redemption price is the greater of par and a price based on the yield of a corresponding Government of Canada bond plus 0.355%.

Share Capital (Tables)

Share Capital (Tables)	12 Months Ended
	Dec. 31, 2024
Share Capital, Reserves And Other Equity Interest [Abstract]
Schedule of Classes of Share Capital	Changes in common shares issued and outstanding for the years ended December 31 were as follows: 2024 2023 Common shares (in millions of shares) Number of Amount Number of Amount Balance, beginning of year 584.6 $ 8,327 586.4 $ 8,311 Stock options exercised (Note 18) 0.8 47 1.0 56 Common shares purchased for cancellation (11.5) (182) (2.8) (40) Balance, end of year 573.9 $ 8,192 584.6 $ 8,327 Further information on the preferred shares outstanding as at December 31, 2024, is as follows: (in millions of shares) Issue date Annual Annual Earliest par call or redemption date (1) Number Face Net amount (2) Class A Preferred shares Series 3 January 13, 2006 4.45% $ 1.11 Any time 10.0 $ 250 $ 245 Series 4 October 10, 2006 4.45% $ 1.11 Any time 12.0 300 293 Series 5 February 2, 2007 4.50% $ 1.13 Any time 10.0 250 245 Series 8R (3) May 25, 2010 1.825% (3) $ 0.46 June 30, 2025 (4) 6.2 155 152 Series 9QR (5) June 30, 2015 Floating (6) Floating June 30, 2025 (7) 5.0 125 122 Series 10R (3) August 12, 2011 2.967% (3) $ 0.74 September 30, 2026 (4) 6.8 171 167 Series 11QR (5) September 30, 2016 Floating (6) Floating September 30, 2026 (7) 1.2 29 28 Other equity instruments Series 2021-1 (8) June 30, 2021 3.600% n/a June 30, 2026 1.0 1,000 987 Total preferred shares and other equity instruments 52.2 $ 2,280 $ 2,239 (1) Redemption of all preferred shares and other equity instruments is subject to regulatory approval. (2) Net of after-tax issuance costs. (3) On the earliest redemption date and every five years thereafter, the dividend rate will reset to an annual rate equal to the 5-year Government of Canada bond yield plus a spread specified for each series. The specified spread for Class A shares is: Series 8R – 1.41% and Series 10R – 2.17%. On the earliest redemption date and every five years thereafter, holders will have the right, at their option, to convert their shares into the series that is one number higher than their existing series. (4) Redeemable on the redemption date and every five years thereafter, in whole or in part, at $25.00 per share. (5) On the earliest redemption date and every five years thereafter, holders will have the right, at their option, to convert those shares into the series that is one number lower than their existing series. (6) Holders are entitled to receive quarterly floating rate non-cumulative dividends at an annual rate equal to the then 3-month Government of Canada treasury bill yield plus a spread specified for each series. The specified spread for Class A shares is: Series 9QR – 1.41% and Series 11QR – 2.17%. (7) Redeemable on the redemption date and every five years thereafter, in whole or in part, at $25.00 per share, and on any other date at $25.50 per share. (8)

Interests in Other Entities (Ta

Interests in Other Entities (Tables)	12 Months Ended
	Dec. 31, 2024
Interests In Other Entities [Abstract]
Schedule of Financial Information of Associates	The following table summarizes, in aggregate, the financial information of these joint ventures and associates: For the years ended and as at December 31, 2024 2023 Carrying amount of interests in joint ventures and associates $ 1,796 $ 1,628 Our share of: Net income (loss) 19 94 Other comprehensive income (loss) 194 (37) Total comprehensive income (loss) $ 213 $ 57
Schedule of Financial Information of Joint Ventures	The following table summarizes, in aggregate, the financial information of these joint ventures and associates: For the years ended and as at December 31, 2024 2023 Carrying amount of interests in joint ventures and associates $ 1,796 $ 1,628 Our share of: Net income (loss) 19 94 Other comprehensive income (loss) 194 (37) Total comprehensive income (loss) $ 213 $ 57
Schedule of Information on Interests in Unconsolidated Structured Entities	Information on our interests in unconsolidated structured entities is as follows: As at December 31, 2024 2023 Type of structured entity Type of investment held Consolidated Statements of Financial Position line item Carrying Maximum exposure to loss (1) Carrying Maximum exposure to loss (1) Securitization entities — third-party managed Debt securities Debt securities $ 12,406 $ 12,406 $ 9,931 $ 9,931 Securitization entities — third-party managed Short-term securities Cash, cash equivalents and short-term securities $ 1,048 $ 1,048 $ 539 $ 539 Investment funds — third-party managed Investment fund units Equity securities $ 8,494 $ 8,494 $ 5,869 $ 5,869 Investment funds — company managed (2) Investment fund units and Limited partnership units Equity securities, Other financial invested assets, and Other non-financial invested assets $ 4,119 $ 4,119 $ 3,484 $ 3,484 Limited partnerships — third-party managed Limited partnership units Other non-financial invested assets $ 3,292 $ 3,292 $ 3,128 $ 3,128 (1) The maximum exposure to loss is the maximum loss that we could record through comprehensive income as a result of our involvement with these entities. (2) Includes investments in funds managed by our joint ventures with a carrying amount of $99 (2023 — $97).

Fee Income (Tables)

Fee Income (Tables)	12 Months Ended
	Dec. 31, 2024
Analysis of income and expense [abstract]
Schedule of Fee Income	For the years ended December 31, 2024 2023 Fee income from service contracts: Distribution fees $ 1,026 $ 973 Fund management and other asset-based fees 6,089 5,595 Administrative service and other fees 1,466 1,264 Total fee income $ 8,581 $ 7,832

Operating Expenses and Commis_2

Operating Expenses and Commissions (Tables)	12 Months Ended
	Dec. 31, 2024
Analysis of income and expense [abstract]
Schedule of Operating Expenses	For the years ended December 31, 2024 2023 Operating expenses incurred (insurance and non-insurance): Employee expenses (1) $ 6,629 $ 6,144 Premises and equipment 197 216 Capital asset depreciation 262 249 Service fees 1,350 1,220 Amortization and impairment of intangible assets and goodwill 678 349 Other expenses 2,944 2,610 Total operating expenses incurred (insurance and non-insurance) 12,060 10,788 Commissions incurred: Insurance 2,243 2,084 Non-insurance 1,014 948 Total commissions incurred (insurance and non-insurance) 3,257 3,032 Total operating expenses and commissions incurred (insurance and non-insurance) 15,317 13,820 Less: Amounts directly attributable to the acquisition and fulfillment of insurance contracts 6,551 5,825 Total operating expenses and commissions $ 8,766 $ 7,995 (1) See table below for further details.
Schedule of Employee Expenses	Employee expenses consist of the following: For the years ended December 31, 2024 2023 Salaries, bonus, employee benefits $ 5,977 $ 5,605 Share-based payments (Note 18) 610 491 Other personnel costs 42 48 Total employee expenses $ 6,629 $ 6,144

Share-Based Payments (Tables)

Share-Based Payments (Tables)	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangements [Abstract]
Schedule of Stock Options Outstanding	The activities in the stock option plans for the years ended December 31, are as follows: 2024 2023 Number of stock options (thousands) Weighted average exercise price Number of Weighted average Balance, January 1, 3,428 $ 62.54 3,589 $ 58.51 Granted 488 $ 73.19 790 $ 67.68 Exercised (708) $ 58.13 (951) $ 51.60 Forfeited (88) $ 69.25 — $ — Balance, December 31, 3,120 $ 65.01 3,428 $ 62.54 Exercisable, December 31 1,390 $ 60.32 1,560 $ 57.89
Schedule of Exercise Price Ranges	The stock options outstanding as at December 31, 2024, by exercise price, are as follows: Range of exercise prices Number of stock options (thousands) Weighted average remaining contractual life (years) Weighted average exercise price $40.16 to $55.00 411 2.27 $ 49.79 $55.01 to $68.00 1,578 6.37 $ 65.26 $68.01 to $73.43 1,131 7.98 $ 70.20 Total stock options 3,120 6.41 $ 65.01
Schedule of Fair Value Options Granted using Black-Scholes Options Pricing Model	The Black-Scholes option pricing model used the following assumptions to determine the fair value of options granted during the years ending December 31: Weighted average assumptions 2024 2023 Risk-free interest rate 3.5 % 3.4 % Expected volatility 22.7 % 23.3 % Expected dividend yield 4.0 % 4.0 % Expected life of the option (in years) 6.8 6.8 Exercise price $ 73.19 $ 67.68
Explanation of Effect of Share-based Payments on Entity's Financial Position	Additional information for other share-based payment plans: The units outstanding under these plans and the liabilities recognized for these units in our Consolidated Statements of Financial Position are summarized in the following table: Number of units (in thousands) Sun Shares DSUs Total Units outstanding December 31, 2024 5,013 684 5,697 Units outstanding December 31, 2023 4,945 618 5,563 Liability accrued as at December 31, 2024 $ 306 $ 49 $ 355 Liability accrued as at December 31, 2023 $ 233 $ 43 $ 276
Schedule of Compensation and Income Tax Expense	Compensation expense and the Income tax expense (benefit) for other share-based payment plans for the years ended December 31 are shown in the following table. Since expenses for the DSUs are accrued as part of incentive compensation in the year awarded, the expenses below do not include these accruals. The expenses presented in the following table include increases in the liabilities for Sun Shares and DSUs due to changes in the fair value of the common shares and the accruals of the Sun Shares liabilities over the vesting period, and exclude any adjustment in expenses due to the impact of hedging. For the years ended December 31, 2024 2023 Compensation expense $ 206 $ 164 Income tax expense (benefit) $ (54) $ (43) Compensation expense and the Income tax expense (benefit) for these awards for the years ended December 31 are shown in the following table: For the years ended December 31, 2024 2023 Compensation expense $ 384 $ 309 Income tax expense (benefit) $ (69) $ (59)

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2024
Income Taxes [Abstract]
Summary of deferred tax assets and liabilities	The following represents the deferred tax assets and liabilities in the Consolidated Statements of Financial Position: As at December 31, 2024 2023 Deferred tax assets (1) $ 3,910 $ 3,878 Deferred tax liabilities (1) 286 281 Net deferred tax asset $ 3,624 $ 3,597 (1) Our deferred tax assets and deferred tax liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred taxes relate to the same taxable entity and the same taxation authority. The movement in net deferred tax assets for the years ended December 31, are as follows: Investments Policy liabilities (1) Deferred Losses Pension Other (2) Total Balance, January 1, 2023 $ 516 $ 1,716 $ 84 $ 986 $ 242 $ (546) $ 2,998 Acquisitions (disposals) through business combinations 13 (9) — (42) 8 (117) (147) Charged to statement of operations (564) 849 (5) 67 49 489 885 Charged to other comprehensive income (68) (18) — (30) 38 (23) (101) Charged to equity, other than other comprehensive income 2 (56) — 6 — 24 (24) Foreign exchange rate movements and Other (1) (3) (3) (11) (10) 14 (14) Balance, December 31, 2023 $ (102) $ 2,479 $ 76 $ 976 $ 327 $ (159) $ 3,597 Acquisitions (disposals) through business combinations — — — (7) — 8 1 Charged to statement of operations (101) 193 7 (296) 11 123 (63) Charged to other comprehensive income 2 — — (31) (7) (5) (41) Charged to equity, other than other comprehensive income 84 — — 10 — — 94 Foreign exchange rate movements and Other (6) 5 6 (1) 24 8 36 Balance, December 31, 2024 $ (123) $ 2,677 $ 89 $ 651 $ 355 $ (25) $ 3,624 (1) Consists of Insurance contract assets and liabilities, Reinsurance contract held assets and liabilities, and Investment contract liabilities. (2) Includes unused tax credits.
Components of income tax expense (benefit)	In our Consolidated Statements of Operations, Income tax expense (benefit) for the years ended December 31 has the following components: For the years ended December 31, 2024 2023 Current income tax expense (benefit): Current year $ 1,186 $ 1,187 Adjustments in respect of prior years, including resolution of tax disputes (209) 159 Total current income tax expense (benefit) 977 1,346 Deferred income tax expense (benefit): Origination and reversal of temporary differences (163) (637) Adjustments in respect of prior years, including resolution of tax disputes 203 (172) Tax expense (benefit) arising from unrecognized tax losses 23 (25) Tax rate and other legislative changes — (51) Total deferred income tax expense (benefit) 63 (885) Total income tax expense (benefit) $ 1,040 $ 461
Summary of income tax relating to equity	Income tax benefit (expense) recognized directly in equity for the years ended December 31: For the years ended December 31, 2024 2023 Recognized in other comprehensive income: Current income tax benefit (expense) $ (2) $ — Deferred income tax benefit (expense) (41) (101) Total recognized in other comprehensive income (43) (101) Recognized in equity, other than other comprehensive income: Current income tax benefit (expense) (16) — Deferred income tax benefit (expense) 94 (24) Total recognized in equity, other than other comprehensive income 78 (24) Total income tax benefit (expense) recorded in equity, including tax benefit (expense) recorded in Other comprehensive income $ 35 $ (125)
Summary of effective income tax rate differences	Our effective income tax rate differs from the combined Canadian federal and provincial statutory income tax rate as follows: For the years ended December 31, 2024 2023 % % Total net income (loss) $ 3,299 $ 3,469 Add: Income tax expense (benefit) 1,040 461 Total net income (loss) before income taxes $ 4,339 $ 3,930 Taxes at the combined Canadian federal and provincial statutory income tax rate $ 1,204 27.8 $ 1,091 27.8 Increase (decrease) in rate resulting from: Higher (lower) effective rates on income subject to taxation in foreign jurisdictions (248) (5.7) (222) (5.7) Tax-exempt or low-taxed investment (income) loss 16 0.4 (304) (7.7) Adjustments in respect of prior years, including resolution of tax disputes (6) (0.1) (13) (0.3) Tax (benefit) cost of unrecognized tax losses and tax credits 23 0.5 (25) (0.7) Tax rate and other legislative changes — — (51) (1.3) Other 51 1.1 (15) (0.4) Total tax expense (benefit) and effective income tax rate $ 1,040 24.0 $ 461 11.7

Capital Management (Tables)

Capital Management (Tables)	12 Months Ended
	Dec. 31, 2024
Corporate information and statement of IFRS compliance [abstract]
Schedule of total capital	Our capital base presented in the table below consists mainly of common shareholders’ equity, preferred shares and other equity instruments, equity in the participating account, non-controlling interests’ equity, CSM, and certain other capital securities that qualify as regulatory capital. As at December 31, 2024 2023 Subordinated debt $ 6,179 $ 6,178 Innovative capital instruments (1) 200 200 Equity: Preferred shares and other equity instruments 2,239 2,239 Common shareholders’ equity (2) 23,318 21,343 Equity in the participating account 496 457 Non-controlling interests’ equity 76 161 Contractual Service Margin 13,366 11,786 Total capital (3) $ 45,874 $ 42,364 (1) Innovative capital instruments are SLEECS issued by SLCT I (Note 12). SLCT I is not consolidated by us. (2) Common shareholders' equity is equal to Total shareholders' equity less Preferred shares and other equity instruments. (3) For regulatory reporting purposes under the LICAT framework, there were further adjustments, including goodwill, non-life investments, and others as prescribed by OSFI, to the total capital figure presented in the table above.

Segregated Funds (Tables)

Segregated Funds (Tables)	12 Months Ended
	Dec. 31, 2024
Separate Accounts Disclosure 1 [Abstract]
Summary of segregated fund types by percentage of investments	The segregated fund types offered, by percentage of total investments for account of segregated fund holders, were within the following ranges as at December 31, 2024 and December 31, 2023: Type of fund % Money market 1 to 5 Fixed income 5 to 10 Balanced 40 to 45 Equity 45 to 50 The carrying value of investments for account of segregated fund holders for contracts classified as insurance contracts, which are the underlying items for the insurance contracts, are as follows: As at December 31, 2024 2023 Segregated and mutual fund units $ 15,084 $ 14,240 Equity securities 3,113 2,908 Debt securities 1,607 1,427 Cash, cash equivalents and short-term securities 394 483 Mortgages 7 16 Other assets 52 45 Total assets 20,257 19,119 Less: Liabilities arising from investing activities 160 78 Total investments for account of segregated fund holders $ 20,097 $ 19,041
Summary of carrying value of investments and insurance contracts held for segregated fund holders	The carrying value of investments for account of segregated fund holders for contracts classified as investment contracts are as follows: As at December 31, 2024 2023 Segregated and mutual fund units $ 126,867 $ 107,239 Equity securities 1,049 1,280 Debt securities 773 862 Cash, cash equivalents and short-term securities 3 4 Other (3) 26 Total investments for account of segregated fund holders $ 128,689 $ 109,411
Summary of changes in insurance contracts and investment contracts for account of segregated fund holders	For the years ended and as at December 31, 2024 2023 Balance, beginning of year $ 109,411 $ 102,153 Additions to segregated funds: Deposits 12,922 11,510 Net realized and unrealized gains (losses) 11,412 3,995 Other investment income 7,487 7,854 Total additions 31,821 23,359 Deductions from segregated funds: Payments to policyholders and their beneficiaries 11,718 10,793 Management fees 784 687 Taxes and other expenses 49 49 Foreign exchange rate movements (8) (76) Total deductions 12,543 11,453 Net additions (deductions) 19,278 11,906 Dispositions (Note 3) — (4,648) Balance, end of year $ 128,689 $ 109,411 The following reconciliations illustrate the insurance contract liabilities for account of segregated fund holders by measurement component. For insurance contract liabilities for account of segregated fund holders, the entire amount is included in the present value of estimates of future cash flows. Reconciliations for the net liabilities of segregated fund insurance contracts that are not backed by investments for account of segregated fund holders are included as part of the insurance contract liabilities in Note 10.B.i. For the years ended and as at December 31, 2024 2023 Balance, beginning of year $ 19,041 $ 23,139 Insurance finance (income) expenses 2,316 1,793 Foreign currency translation 388 (201) Cash flows: Premiums received 2,016 1,969 Amounts paid to policyholders and other insurance service expenses paid (2,814) (2,583) Management fees, taxes and other expenses (850) (822) Total cash flows (1,648) (1,436) Dispositions (Note 3) — (4,254) Balance, end of year $ 20,097 $ 19,041 The following tables show the changes in the liabilities for insurance contracts for account of segregated fund holders by LRC and LIC. Reconciliations for the remainder of liabilities for segregated funds that are classified as insurance contracts are in Note 10.B.i. For the years ended and as at December 31, 2024 2023 Net liabilities for remaining coverage: Balances, beginning of year $ 19,041 $ 23,139 Insurance finance (income) expenses 2,316 1,793 Foreign currency translation 388 (201) Total changes 2,704 1,592 Cash flows: Premiums received 2,016 1,969 Management fees, taxes and other expenses (850) (822) Total cash flows 1,166 1,147 Expected investment component excluded from insurance revenue (2,814) (2,583) Dispositions (Note 3) — (4,254) Balances, liability for remaining coverage, end of year $ 20,097 $ 19,041 Liability for incurred claims: Balances, beginning of year $ — $ — Cash flows: Amounts paid to policyholders and other insurance service expenses paid (2,814) (2,583) Total cash flows (2,814) (2,583) Actual investment component excluded from insurance service expense 2,814 2,583 Balances, liability for incurred claims, end of year $ — $ — Total net insurance contract liability: Balances, beginning of year $ 19,041 $ 23,139 Insurance finance (income) expenses 2,316 1,793 Foreign currency translation 388 (201) Total changes 2,704 1,592 Cash flows: Premiums received 2,016 1,969 Amounts paid to policyholders and other insurance service expenses paid (2,814) (2,583) Management fees, taxes and other expenses (850) (822) Total cash flows (1,648) (1,436) Dispositions (Note 3) — (4,254) Balances, total net insurance contract liability, end of year $ 20,097 $ 19,041

Commitments, Guarantees and C_2

Commitments, Guarantees and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2024
Other Provisions, Contingent Liabilities And Contingent Assets [Abstract]
Consolidated Summary Financial Information	For the years ended SLF Inc.(unconsolidated) Sun Life Other Consolidation SLF Inc. December 31, 2024 Insurance revenue $ — $ 19,389 $ 4,841 $ (1,593) $ 22,637 Net investment income (loss) excluding result for segregated fund holders 305 7,138 242 (270) 7,415 Fee income 1 1,992 7,128 (540) 8,581 Other income — — 163 — 163 Total revenue $ 306 $ 28,519 $ 12,374 $ (2,403) $ 38,796 Shareholders’ net income (loss) $ 3,128 $ 1,501 $ 1,675 $ (3,175) $ 3,129 December 31, 2023 Insurance revenue $ — $ 17,844 $ 5,055 $ (1,543) $ 21,356 Net investment income (loss) excluding result for segregated fund holders 466 11,176 903 (959) 11,586 Fee income 1 1,687 6,647 (503) 7,832 Other income — 169 — — 169 Total revenue $ 467 $ 30,876 $ 12,605 $ (3,005) $ 40,943 Shareholders’ net income (loss) $ 3,165 $ 1,908 $ 1,084 $ (2,992) $ 3,165 Assets and liabilities as at SLF Inc.(unconsolidated) Sun Life Other Consolidation SLF Inc. December 31, 2024 Invested assets $ 28,494 $ 175,508 $ 12,449 $ (26,634) $ 189,817 Reinsurance contract held assets $ — $ 6,353 $ — $ (35) $ 6,318 Insurance contract assets $ — $ 227 $ 1,583 $ (1,455) $ 355 Total other general fund assets $ 4,639 $ 13,979 $ 10,299 $ (3,472) $ 25,445 Investments for account of segregated fund holders $ — $ 148,720 $ 66 $ — $ 148,786 Insurance contract liabilities excluding those for account of segregated fund holders $ — $ 147,196 $ 108 $ (35) $ 147,269 Reinsurance contract held liabilities $ — $ 3,281 $ — $ (1,456) $ 1,825 Investment contract liabilities $ — $ 11,677 $ 1 $ — $ 11,678 Total other general fund liabilities $ 7,576 $ 16,191 $ 15,589 $ (4,322) $ 35,034 Insurance contract liabilities for account of segregated fund holders $ — $ 20,031 $ 66 $ — $ 20,097 Investment contract liabilities for account of segregated fund holders $ — $ 128,689 $ — $ — $ 128,689 December 31, 2023 Invested assets $ 26,239 $ 164,557 $ 13,913 $ (30,381) $ 174,328 Reinsurance contract held assets $ — $ 5,858 $ 3 $ (67) $ 5,794 Insurance contract assets $ — $ 184 $ 637 $ (637) $ 184 Total other general fund assets $ 4,547 $ 13,302 $ 9,805 $ (3,171) $ 24,483 Investments for account of segregated fund holders $ — $ 128,396 $ 56 $ — $ 128,452 Insurance contract liabilities excluding those for account of segregated fund holders $ — $ 135,445 $ 291 $ (67) $ 135,669 Reinsurance contract held liabilities $ — $ 2,260 $ — $ (637) $ 1,623 Investment contract liabilities $ — $ 11,672 $ — $ — $ 11,672 Total other general fund liabilities $ 7,300 $ 15,041 $ 14,880 $ (5,596) $ 31,625 Insurance contract liabilities for account of segregated fund holders $ — $ 18,985 $ 56 $ — $ 19,041 Investment contract liabilities for account of segregated fund holders $ — $ 109,411 $ — $ — $ 109,411

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2024
Related Party [Abstract]
Aggregate Compensation to Executive Team and Directors	The aggregate compensation to the executive team and directors are as follows: For the years ended December 31, 2024 2023 Executive team Directors Executive team Directors Number of individuals 14 13 12 11 Base salary and annual incentive compensation $ 24 $ — $ 26 $ — Additional short-term benefits and other $ 1 $ — $ 1 $ — Share-based long-term incentive compensation $ 47 $ 4 $ 28 $ 4 Value of pension and post-retirement benefits $ 2 $ — $ 2 $ — Severance $ 5 $ — $ — $ —

Pension Plans and Other Post-_2

Pension Plans and Other Post-Retirement Benefits (Tables)	12 Months Ended
	Dec. 31, 2024
Employee Benefits [Abstract]
Schedule of benefit obligations in excess of fair value of plan assets	The following tables set forth the status of the defined benefit pension and other post-retirement benefit plans: 2024 2023 Pension Other post-retirement Total Pension Other post-retirement Total Change in defined benefit obligations: Defined benefit obligation, January 1 $ 2,483 $ 215 $ 2,698 $ 2,763 $ 206 $ 2,969 Current service cost 35 8 43 32 6 38 Interest cost 116 11 127 121 11 132 Actuarial losses (gains) (35) (4) (39) 187 8 195 Benefits paid (134) (14) (148) (138) (15) (153) Divestiture — — — (483) — (483) Foreign exchange rate movements 34 5 39 1 (1) — Defined benefit obligation, December 31 $ 2,499 $ 221 $ 2,720 $ 2,483 $ 215 $ 2,698 Change in plan assets: Fair value of plan assets, January 1 $ 2,393 $ — $ 2,393 $ 2,799 $ — $ 2,799 Administrative expense (1) — (1) (1) — (1) Interest income on plan assets 114 — 114 125 — 125 Return on plan assets (excluding amounts included in net interest expense) (13) — (13) 48 — 48 Employer contributions 34 14 48 69 15 84 Benefits paid (134) (14) (148) (138) (15) (153) Divestiture — — — (510) — (510) Foreign exchange rate movements 34 — 34 1 — 1 Fair value of plan assets, December 31 $ 2,427 $ — $ 2,427 $ 2,393 $ — $ 2,393 Amounts recognized on Statement of Financial Position: Fair value of plan assets $ 2,427 $ — $ 2,427 $ 2,393 $ — $ 2,393 Defined benefit (obligation) (2,499) (221) (2,720) (2,483) (215) (2,698) Net recognized (liability) asset, December 31 $ (72) $ (221) $ (293) $ (90) $ (215) $ (305) Components of net benefit expense recognized: Current service cost $ 35 $ 8 $ 43 $ 32 $ 6 $ 38 Administrative expense 1 — 1 1 — 1 Net interest expense (income) 2 11 13 (4) 11 7 Other long-term employee benefit losses (gains) — 5 5 — 3 3 Net benefit expense $ 38 $ 24 $ 62 $ 29 $ 20 $ 49 Remeasurement of net recognized (liability) asset: Return on plan assets (excluding amounts included in net interest expense) $ (13) $ — $ (13) $ 48 $ — $ 48 Actuarial gains (losses) arising from changes in demographic assumptions — — — (4) — (4) Actuarial gains (losses) arising from changes in financial assumptions 36 2 38 (131) (7) (138) Actuarial gains (losses) arising from experience adjustments (1) 7 6 (52) 2 (50) Foreign exchange rate movements — (5) (5) — 1 1 Components of defined benefit costs recognized in Other comprehensive income (loss) $ 22 $ 4 $ 26 $ (139) $ (4) $ (143)
Schedule of assumptions used	2024 2023 Canada % U.S. % Canada % UK % (1) U.S. % To determine defined benefit obligation at end of year: Discount rate for pension plans 4.70 5.70 4.60 n/a 5.35 Rate of compensation increase 2.80 n/a 2.70 n/a n/a Pension increases 0.00-0.20 n/a 0.00-0.20 n/a n/a To determine net benefit expense for year: Discount rate for pension plans 4.60 5.35 5.00 4.75 5.55 Rate of compensation increase 2.70 n/a 2.75 n/a n/a Pension increases 0.00-0.20 n/a 0.00-0.05 3.05 n/a Health care trend rates: Initial health care trend rate 5.02 7.00 5.08 n/a 6.75 Ultimate health care trend rate 4.00 5.00 4.00 n/a 5.00 Year ultimate health care trend rate reached 2040 2033 2040 n/a 2031 2024 2023 Canada U.S. Canada UK (1) U.S. Mortality rates: Life expectancy (in years) for individuals currently at age 65: Male 24 22 24 n/a 22 Female 25 23 25 n/a 23 Life expectancy (in years) at 65 for individuals currently at age 45: Male 25 23 25 n/a 23 Female 26 25 26 n/a 25 Average duration (in years) of pension obligation 13.6 9.6 13.8 n/a 9.8 (1) In 2023, all assets and liabilities associated with the UK pension plans were transferred to the buyer as part of the sale of Sun Life's UK business.
Schedule of effect of percentage-point changes for sensitives	The following table provides the potential impact of changes in key assumptions on the defined benefit obligation for pension and other post-retirement benefit plans as at December 31, 2024. These sensitivities are hypothetical and should be used with caution. The impact of changes in each key assumption may result in greater than proportional changes in sensitivities. Pension Post-retirement Interest/discount rate sensitivity: (1) 1% decrease $ 360 $ 20 1% increase $ (286) $ (18) Rate of compensation increase assumption: 1% decrease $ (45) n/a 1% increase $ 51 n/a Health care trend rate assumption: 1% decrease n/a $ (9) 1% increase n/a $ 10 Mortality rates: (2) 10% decrease $ 52 $ 2 (1) Represents a parallel shift in interest rates across the entire yield curve, resulting in a change in the discount rate assumption. (2) Represents 10% decrease in mortality rates at each age.
Schedule of allocation of plan assets	omposition of fair value of plan assets is as follows: As at December 31, 2024 2023 Equity investments 4 % 4 % Fixed income investments 76 % 77 % Real estate investments 12 % 12 % Other 8 % 7 % Total composition of fair value of plan assets 100 % 100 %
Schedule of expected future benefit contributions and benefit payments	The following tables set forth the expected contributions and expected future benefit payments of the defined benefit pension and other post-retirement benefit plans: Pension Post-retirement Total Expected contributions for the next 12 months $ 38 $ 18 $ 56 Expected Future Benefit Payments 2025 2026 2027 2028 2029 2030 to 2034 Pension $ 135 $ 140 $ 145 $ 151 $ 150 $ 806 Post-retirement 18 19 19 20 21 114 Total $ 153 $ 159 $ 164 $ 171 $ 171 $ 920

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	12 Months Ended
	Dec. 31, 2024
Earnings per share [abstract]
Schedule of earnings (loss) per share	Details of the calculation of the net income (loss) and the weighted average number of shares used in the EPS computations are as follows: For the years ended December 31, 2024 2023 Common shareholders’ net income (loss) for basic earnings per share $ 3,049 $ 3,086 Add: Increase in income due to convertible instruments (1) 10 10 Common shareholders’ net income (loss) on a diluted basis $ 3,059 $ 3,096 Weighted average number of common shares outstanding for basic earnings per share (in millions) 579 586 Add: Dilutive impact of stock options (2) (in millions) — — Dilutive impact of convertible instruments (1) (in millions) 3 3 Weighted average number of common shares outstanding on a diluted basis (in millions) 582 589 Basic earnings (loss) per share $ 5.27 $ 5.27 Diluted earnings (loss) per share $ 5.26 $ 5.26 (1) The convertible instruments are the SLEECS B issued by SLCT I. (2) Excludes the impact of 1 million stock options for the year ended December 31, 2024 (December 31, 2023 — 2 million) because these stock options were anti-dilutive for the period.

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	12 Months Ended
	Dec. 31, 2024
Analysis Of Other Comprehensive Income By Item [Abstract]
Schedule of changes in accumulated other comprehensive income (loss)	Changes in accumulated other comprehensive income (loss), net of taxes, are as follows: For the years ended December 31, 2024 2023 Balance, beginning of year Other Balance, end of year Balance, beginning of year Other Other Balance, end of year Items that may be reclassified subsequently to income: Unrealized foreign currency translation gains (losses), net of hedging activities $ 1,350 $ 1,346 $ 2,696 $ 1,689 $ (339) $ — $ 1,350 Unrealized gains (losses) on FVOCI assets (354) 104 (250) (839) 485 — (354) Unrealized gains (losses) on cash flow hedges (1) 5 4 (18) 17 — (1) Share of other comprehensive income (loss) in joint ventures and associates (151) 201 50 (107) (44) — (151) Items that will not be reclassified subsequently to income: Remeasurement of defined benefit plans (217) 19 (198) (149) (105) 37 (1) (217) Share of other comprehensive income (loss) in joint ventures and associates 2 (7) (5) (5) 7 — 2 Revaluation surplus on transfers to investment properties 143 1 144 143 — — 143 Total $ 772 $ 1,669 $ 2,441 $ 714 $ 21 $ 37 $ 772 Total attributable to: Participating account $ 6 $ (3) $ 3 $ (3) $ 9 $ — $ 6 Non-controlling interests 1 10 11 4 (3) — 1 Shareholders 765 1,662 2,427 713 15 37 765 Total $ 772 $ 1,669 $ 2,441 $ 714 $ 21 $ 37 $ 772 (1) During 2023, the Company transferred cumulative remeasurement losses of $37 from Accumulated other comprehensive income (loss) to Retained earnings due to the sale of Sun Life UK.

Material Accounting Policies -

Material Accounting Policies - Narrative (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Owner-occupied properties | Bottom of range
Disclosure of detailed information about property, plant and equipment [line items]
Property useful life	25 years
Owner-occupied properties | Top of range
Disclosure of detailed information about property, plant and equipment [line items]
Property useful life	49 years
Furniture, computers, and other office equipment, and leasehold improvements | Bottom of range
Disclosure of detailed information about property, plant and equipment [line items]
Property useful life	2 years
Furniture, computers, and other office equipment, and leasehold improvements | Top of range
Disclosure of detailed information about property, plant and equipment [line items]
Property useful life	20 years
Non-derivative financial assets		$ 589
Non-derivative financial liabilities		4,896
Total notional amount		$ 9,159
Bottom of range | Distribution, Sales Potential of Field Force, Client Relationships, and Asset Administration Contracts
Disclosure of detailed information about property, plant and equipment [line items]
Intangible asset useful life	3 years
Bottom of range | Internally generated software
Disclosure of detailed information about property, plant and equipment [line items]
Intangible asset useful life	3 years
Top of range | Distribution, Sales Potential of Field Force, Client Relationships, and Asset Administration Contracts
Disclosure of detailed information about property, plant and equipment [line items]
Intangible asset useful life	40 years
Top of range | Internally generated software
Disclosure of detailed information about property, plant and equipment [line items]
Intangible asset useful life	10 years

Acquisitions and Other - Dialog

Acquisitions and Other - Dialogue Health Technologies Acquisition Narrative (Details) - Dialogue Health Technologies - CAD ($) $ in Millions	Oct. 03, 2023	Oct. 02, 2023
Disclosure of detailed information about business combination [line items]
Percentage of voting shares of certain legal entities acquired	72%
Identifiable assets acquired (liabilities assumed)	$ 272
Existing ownership		23%
Ownership percentage after acquisition	95%

Acquisitions and Other - SLF of

Acquisitions and Other - SLF of Canada UK Limited Disposition (Details) - CAD ($) $ in Millions		3 Months Ended
	Apr. 03, 2023	Jun. 30, 2023
Disclosure of detailed information about business combination [line items]
Gain on disposition	$ 12
Cash consideration	418
Less: Net assets	(359)
Less: Foreign currency translation, transaction costs, and other adjustments	$ (47)
Sun Life UK | Disposal groups classified as held for sale
Disclosure of detailed information about business combination [line items]
Gain on disposition		$ 12

Acquisitions and Other - Adviso

Acquisitions and Other - Advisors Asset Management Inc. (Details) - Advisors Asset Management Inc. $ in Millions, $ in Millions	Feb. 01, 2023 CAD ($)	Feb. 01, 2023 USD ($)
Disclosure of detailed information about business combination [line items]
Percentage of voting shares of certain legal entities acquired	51%	51%
Consideration transferred	$ 250	$ 188

Acquisitions and Other - Summar

Acquisitions and Other - Summary of Fair Value of Net Identifiable Assets Recognized from Acquisition (Details) - CAD ($) $ in Millions	Oct. 03, 2023	Feb. 01, 2023
Dialogue Health Technologies
Disclosure of detailed information about business combination [line items]
Intangible assets	$ 193
Net assets	32
Net liabilities	(36)
Total identifiable net assets at fair value	189
Goodwill arising on acquisition	161
Non-controlling interest	(78)
Total consideration	$ 272
Advisors Asset Management Inc.
Disclosure of detailed information about business combination [line items]
Intangible assets		$ 385
Net assets		44
Deferred tax liability		(100)
Total identifiable net assets at fair value		329
Goodwill arising on acquisition		134
Non-controlling interest		(213)
Total consideration		$ 250

Acquisitions and Other - Impact

Acquisitions and Other - Impact of Acquisition to Assets, Liabilities, and Equity (Details) $ in Millions	Feb. 01, 2023 CAD ($)
Total
Disclosure of detailed information about business combination [line items]
Cash consideration	$ (250)
Intangible assets	384
Goodwill arising on acquisition	135
Net assets	44
Total assets	313
Deferred tax liability	(100)
Other financial liabilities — put option	(369)
Total liabilities	(469)
Non-controlling interests	0
Retained earnings	156
Total equity	156
Share purchase
Disclosure of detailed information about business combination [line items]
Cash consideration	(250)
Intangible assets	384
Goodwill arising on acquisition	135
Net assets	44
Total assets	313
Deferred tax liability	(100)
Other financial liabilities — put option	0
Total liabilities	(100)
Non-controlling interests	(213)
Retained earnings	0
Total equity	(213)
Put option adjustments
Disclosure of detailed information about business combination [line items]
Cash consideration	0
Intangible assets	0
Goodwill arising on acquisition	0
Net assets	0
Total assets	0
Deferred tax liability	0
Other financial liabilities — put option	(369)
Total liabilities	(369)
Non-controlling interests	213
Retained earnings	156
Total equity	$ 369

Acquisitions and Other - Acquis

Acquisitions and Other - Acquisitions and Other (Details) $ in Millions					3 Months Ended
	May 31, 2024	Mar. 21, 2024 CAD ($)	Apr. 03, 2023 CAD ($)	Jan. 20, 2023 CAD ($)	Mar. 31, 2023 CAD ($)	Feb. 01, 2023 CAD ($)
Disclosure of detailed information about business combination [line items]
Assets included in disposal group			$ 359
Cash consideration			418
Gain on disposition			$ 12
Canadian Premier Life Insurance Company | Disposal groups classified as held for sale
Disclosure of detailed information about business combination [line items]
Assets included in disposal group						$ 638
Liabilities included in disposal group						638
Cash consideration						98
Contingent consideration						$ 25
Pre-tax gain on sale					$ 102
Gain on disposition					$ 65
Aditya Birla Sun Life AMC Limited
Disclosure of detailed information about business combination [line items]
Ownership percentage after acquisition	30%	6.30%
Generated gross proceeds		$ 136
Realized gain on disposition of business, pre-tax		$ 98
Partial disposition through sale of additional ownership interest	0.002
Dah Sing Bank, Limited
Disclosure of detailed information about business combination [line items]
Bancassurance partnership, term				15 years
Consideration transferred				$ 260

Segmented Information - Narrati

Segmented Information - Narrative (Details)	Dec. 31, 2024 segment
Operating Segments [Abstract]
Number of operating segments	5

Segmented Information - Operati

Segmented Information - Operating Results by Segment (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure of operating segments [line items]
Total Insurance revenue	$ 22,637	$ 21,356
Net investment income (loss)	7,415	11,586
Fee income	8,581	7,832
Segment revenue	38,633	40,774
Other expenses (income)
Insurance service expenses	19,631	18,450
Reinsurance contract held net (income) expenses	(85)	69
Insurance finance (income) expenses from insurance contracts issued	5,139	9,675
Reinsurance finance (income) expenses	(51)	(59)
(Decrease) increase in investment contract liabilities	393	331
Other income	(163)	(169)
Interest expenses	664	552
Operating expenses and commissions	8,766	7,995
Total other expenses (income)	34,294	36,844
Income (loss) before income taxes	4,339	3,930
Income tax expense (benefit)	1,040	461
Total net income (loss)	3,299	3,469
Net income (loss) allocated to the participating account	42	178
Net income (loss) attributable to non-controlling interests	128	126
Shareholders' net income (loss)	3,129	3,165
Consolidation adjustments
Disclosure of operating segments [line items]
Total Insurance revenue	0	0
Net investment income (loss)	(102)	(95)
Fee income	(561)	(503)
Segment revenue	(663)	(598)
Other expenses (income)
Insurance service expenses	0	0
Reinsurance contract held net (income) expenses	0	0
Insurance finance (income) expenses from insurance contracts issued	0	0
Reinsurance finance (income) expenses	0	0
(Decrease) increase in investment contract liabilities	0	0
Other income	0	0
Interest expenses	(114)	(96)
Operating expenses and commissions	(549)	(502)
Total other expenses (income)	(663)	(598)
Income (loss) before income taxes	0	0
Income tax expense (benefit)	0	0
Total net income (loss)	0	0
Net income (loss) allocated to the participating account	0	0
Net income (loss) attributable to non-controlling interests	0	0
Shareholders' net income (loss)	0	0
Annuities
Disclosure of operating segments [line items]
Total Insurance revenue	2,395	2,258
Annuities | Consolidation adjustments
Disclosure of operating segments [line items]
Total Insurance revenue	0	0
Life insurance
Disclosure of operating segments [line items]
Total Insurance revenue	5,620	5,356
Life insurance | Consolidation adjustments
Disclosure of operating segments [line items]
Total Insurance revenue	0	0
Health insurance
Disclosure of operating segments [line items]
Total Insurance revenue	14,622	13,742
Health insurance | Consolidation adjustments
Disclosure of operating segments [line items]
Total Insurance revenue	0	0
Canada | Reportable segments
Disclosure of operating segments [line items]
Total Insurance revenue	8,778	8,165
Net investment income (loss)	5,039	7,514
Fee income	1,771	1,483
Segment revenue	15,588	17,162
Other expenses (income)
Insurance service expenses	7,309	6,855
Reinsurance contract held net (income) expenses	4	164
Insurance finance (income) expenses from insurance contracts issued	3,843	6,415
Reinsurance finance (income) expenses	81	2
(Decrease) increase in investment contract liabilities	390	326
Other income	0	(102)
Interest expenses	262	160
Operating expenses and commissions	1,989	1,751
Total other expenses (income)	13,878	15,571
Income (loss) before income taxes	1,710	1,591
Income tax expense (benefit)	395	275
Total net income (loss)	1,315	1,316
Net income (loss) allocated to the participating account	98	64
Net income (loss) attributable to non-controlling interests	0	0
Shareholders' net income (loss)	1,217	1,252
Canada | Annuities | Reportable segments
Disclosure of operating segments [line items]
Total Insurance revenue	2,063	1,916
Canada | Life insurance | Reportable segments
Disclosure of operating segments [line items]
Total Insurance revenue	2,324	2,165
Canada | Health insurance | Reportable segments
Disclosure of operating segments [line items]
Total Insurance revenue	4,391	4,084
U.S. | Reportable segments
Disclosure of operating segments [line items]
Total Insurance revenue	12,296	11,721
Net investment income (loss)	316	1,321
Fee income	489	458
Segment revenue	13,101	13,500
Other expenses (income)
Insurance service expenses	11,345	10,522
Reinsurance contract held net (income) expenses	(145)	(100)
Insurance finance (income) expenses from insurance contracts issued	63	1,250
Reinsurance finance (income) expenses	(121)	(57)
(Decrease) increase in investment contract liabilities	0	0
Other income	0	0
Interest expenses	116	107
Operating expenses and commissions	1,127	1,031
Total other expenses (income)	12,385	12,753
Income (loss) before income taxes	716	747
Income tax expense (benefit)	133	148
Total net income (loss)	583	599
Net income (loss) allocated to the participating account	27	23
Net income (loss) attributable to non-controlling interests	0	0
Shareholders' net income (loss)	556	576
U.S. | Annuities | Reportable segments
Disclosure of operating segments [line items]
Total Insurance revenue	307	222
U.S. | Life insurance | Reportable segments
Disclosure of operating segments [line items]
Total Insurance revenue	2,008	1,999
U.S. | Health insurance | Reportable segments
Disclosure of operating segments [line items]
Total Insurance revenue	9,981	9,500
Asset Management
Other expenses (income)
Other income	163
Recognized net of tax	46
Asset Management | Reportable segments
Disclosure of operating segments [line items]
Total Insurance revenue	0	0
Net investment income (loss)	281	187
Fee income	6,391	5,953
Segment revenue	6,672	6,140
Other expenses (income)
Insurance service expenses	0	0
Reinsurance contract held net (income) expenses	0	0
Insurance finance (income) expenses from insurance contracts issued	0	0
Reinsurance finance (income) expenses	0	0
(Decrease) increase in investment contract liabilities	0	0
Other income	(163)	0
Interest expenses	172	158
Operating expenses and commissions	4,596	4,480
Total other expenses (income)	4,605	4,638
Income (loss) before income taxes	2,067	1,502
Income tax expense (benefit)	411	309
Total net income (loss)	1,656	1,193
Net income (loss) allocated to the participating account	0	0
Net income (loss) attributable to non-controlling interests	128	126
Shareholders' net income (loss)	1,528	1,067
Asset Management | Annuities | Reportable segments
Disclosure of operating segments [line items]
Total Insurance revenue	0	0
Asset Management | Life insurance | Reportable segments
Disclosure of operating segments [line items]
Total Insurance revenue	0	0
Asset Management | Health insurance | Reportable segments
Disclosure of operating segments [line items]
Total Insurance revenue	0	0
Asia | Reportable segments
Disclosure of operating segments [line items]
Total Insurance revenue	1,554	1,385
Net investment income (loss)	1,648	2,347
Fee income	329	300
Segment revenue	3,531	4,032
Other expenses (income)
Insurance service expenses	974	972
Reinsurance contract held net (income) expenses	56	7
Insurance finance (income) expenses from insurance contracts issued	1,233	1,897
Reinsurance finance (income) expenses	(11)	(4)
(Decrease) increase in investment contract liabilities	3	5
Other income	0	0
Interest expenses	105	74
Operating expenses and commissions	701	489
Total other expenses (income)	3,061	3,440
Income (loss) before income taxes	470	592
Income tax expense (benefit)	124	(10)
Total net income (loss)	346	602
Net income (loss) allocated to the participating account	(83)	91
Net income (loss) attributable to non-controlling interests	0	0
Shareholders' net income (loss)	429	511
Asia | Annuities | Reportable segments
Disclosure of operating segments [line items]
Total Insurance revenue	25	22
Asia | Life insurance | Reportable segments
Disclosure of operating segments [line items]
Total Insurance revenue	1,279	1,210
Asia | Health insurance | Reportable segments
Disclosure of operating segments [line items]
Total Insurance revenue	250	153
Corporate | Reportable segments
Disclosure of operating segments [line items]
Total Insurance revenue	9	85
Net investment income (loss)	233	312
Fee income	162	141
Segment revenue	404	538
Other expenses (income)
Insurance service expenses	3	101
Reinsurance contract held net (income) expenses	0	(2)
Insurance finance (income) expenses from insurance contracts issued	0	113
Reinsurance finance (income) expenses	0	0
(Decrease) increase in investment contract liabilities	0	0
Other income	0	(67)
Interest expenses	123	149
Operating expenses and commissions	902	746
Total other expenses (income)	1,028	1,040
Income (loss) before income taxes	(624)	(502)
Income tax expense (benefit)	(23)	(261)
Total net income (loss)	(601)	(241)
Net income (loss) allocated to the participating account	0	0
Net income (loss) attributable to non-controlling interests	0	0
Shareholders' net income (loss)	(601)	(241)
Corporate | Annuities | Reportable segments
Disclosure of operating segments [line items]
Total Insurance revenue	0	98
Corporate | Life insurance | Reportable segments
Disclosure of operating segments [line items]
Total Insurance revenue	9	(18)
Corporate | Health insurance | Reportable segments
Disclosure of operating segments [line items]
Total Insurance revenue	$ 0	$ 5

Segmented Information - Assets

Segmented Information - Assets and Liabilities by Segment (Details) - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Disclosure of operating segments [line items]
Total general fund assets	$ 221,935	$ 204,789
Total investment for account of segregated fund holders	148,786	128,452
Total general fund liabilities	195,806	180,589
Consolidation adjustments
Disclosure of operating segments [line items]
Total general fund assets	(326)	(1,057)
Total investment for account of segregated fund holders	0	0
Total general fund liabilities	(326)	(1,057)
Canada | Reportable segments
Disclosure of operating segments [line items]
Total general fund assets	120,987	114,838
Total investment for account of segregated fund holders	140,900	120,963
Total general fund liabilities	114,300	107,629
U.S. | Reportable segments
Disclosure of operating segments [line items]
Total general fund assets	37,006	34,820
Total investment for account of segregated fund holders	429	414
Total general fund liabilities	30,495	28,860
Asset Management
Disclosure of operating segments [line items]
Total general fund assets	11,066	9,979
Asset Management | Reportable segments
Disclosure of operating segments [line items]
Total general fund assets	11,066	9,979
Total investment for account of segregated fund holders	0	0
Total general fund liabilities	7,858	7,434
Asia | Reportable segments
Disclosure of operating segments [line items]
Total general fund assets	43,158	37,405
Total investment for account of segregated fund holders	7,457	7,075
Total general fund liabilities	37,780	31,866
Corporate
Disclosure of operating segments [line items]
Total general fund assets	10,044	8,804
Corporate | Reportable segments
Disclosure of operating segments [line items]
Total general fund assets	10,044	8,804
Total investment for account of segregated fund holders	0	0
Total general fund liabilities	$ 5,699	$ 5,857

Segmented Information - Segment

Segmented Information - Segment Results by Geographical Area (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure of operating segments [line items]
Total revenue	$ 38,796	$ 40,943
Asset Management
Disclosure of operating segments [line items]
Total revenue	6,672	6,140
Asset Management | United States
Disclosure of operating segments [line items]
Total revenue	5,995	5,438
Asset Management | United Kingdom
Disclosure of operating segments [line items]
Total revenue	245	262
Asset Management | Canada
Disclosure of operating segments [line items]
Total revenue	282	327
Asset Management | Other countries
Disclosure of operating segments [line items]
Total revenue	150	113
Corporate
Disclosure of operating segments [line items]
Total revenue	404	538
Corporate | United States
Disclosure of operating segments [line items]
Total revenue	180	92
Corporate | United Kingdom
Disclosure of operating segments [line items]
Total revenue	0	259
Corporate | Canada
Disclosure of operating segments [line items]
Total revenue	53	57
Corporate | Other countries
Disclosure of operating segments [line items]
Total revenue	$ 171	$ 130

Segmented Information - Segme_2

Segmented Information - Segment Assets and Liabilities by Geographical Area (Details) - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Disclosure of operating segments [line items]
Total general fund assets	$ 221,935	$ 204,789
Asset Management
Disclosure of operating segments [line items]
Total general fund assets	11,066	9,979
Asset Management | United States
Disclosure of operating segments [line items]
Total general fund assets	9,027	8,118
Asset Management | United Kingdom
Disclosure of operating segments [line items]
Total general fund assets	1,047	935
Asset Management | Canada
Disclosure of operating segments [line items]
Total general fund assets	785	658
Asset Management | Other countries
Disclosure of operating segments [line items]
Total general fund assets	207	268
Corporate
Disclosure of operating segments [line items]
Total general fund assets	10,044	8,804
Corporate | United States
Disclosure of operating segments [line items]
Total general fund assets	5,161	4,973
Corporate | United Kingdom
Disclosure of operating segments [line items]
Total general fund assets	0	0
Corporate | Canada
Disclosure of operating segments [line items]
Total general fund assets	4,758	3,643
Corporate | Other countries
Disclosure of operating segments [line items]
Total general fund assets	$ 125	$ 188

Total Invested Assets and Rel_3

Total Invested Assets and Related Net Investment Income - Carrying Value and Fair Value of Financial Assets and Other Financial Liabilities (Details) - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Disclosure of fair value measurement of assets [line items]
Carrying value	$ 178,698	$ 162,948
Fair value	178,651	162,854
Financial liabilities, carrying value	21,287	18,902
Financial liabilities, at fair value	21,236	18,801
Invested assets	189,817	174,328
Investment properties	9,290	9,723
Other non-financial invested assets	1,829	1,657
Derivatives
Disclosure of fair value measurement of assets [line items]
Financial liabilities, carrying value	2,077	1,311
Financial liabilities, at fair value	2,077	1,311
Other financial invested assets (CLOs)
Disclosure of fair value measurement of assets [line items]
Financial liabilities, carrying value	5,028	3,247
Financial liabilities, at fair value	5,028	3,247
Measured at amortized cost | Investment contract liabilities
Disclosure of fair value measurement of assets [line items]
Financial liabilities, carrying value	11,678	11,672
Financial liabilities, at fair value	11,678	11,672
Measured at amortized cost | Other financial liabilities
Disclosure of fair value measurement of assets [line items]
Financial liabilities, carrying value	2,265	2,449
Financial liabilities, at fair value	2,214	2,348
FVTPL | Obligations for securities borrowing
Disclosure of fair value measurement of assets [line items]
Financial liabilities, carrying value	239	223
Financial liabilities, at fair value	239	223
Cash, cash equivalents and short-term securities
Disclosure of fair value measurement of assets [line items]
Carrying value	13,873	13,173
Fair value	13,873	13,173
Debt securities
Disclosure of fair value measurement of assets [line items]
Carrying value	81,955	75,493
Debt securities | FVTPL
Disclosure of fair value measurement of assets [line items]
Carrying value	68,106	61,180
Fair value	68,106	61,180
Debt securities | FVOCI
Disclosure of fair value measurement of assets [line items]
Carrying value	13,849	14,313
Fair value	13,849	14,313
Equity securities
Disclosure of fair value measurement of assets [line items]
Carrying value	9,974	7,138
Equity securities | FVTPL
Disclosure of fair value measurement of assets [line items]
Carrying value	9,900	7,070
Fair value	9,900	7,070
Equity securities | FVOCI
Disclosure of fair value measurement of assets [line items]
Carrying value	74	68
Fair value	74	68
Mortgages and loans | FVTPL
Disclosure of fair value measurement of assets [line items]
Carrying value	53,233	50,552
Fair value	53,233	50,552
Mortgages and loans | FVOCI
Disclosure of fair value measurement of assets [line items]
Carrying value	2,525	1,948
Fair value	2,525	1,948
Mortgages and loans | Amortized cost
Disclosure of fair value measurement of assets [line items]
Carrying value	1,861	2,100
Fair value	1,814	2,006
Mortgages and loans | Amortized cost | Level 2
Disclosure of fair value measurement of assets [line items]
Fair value	1,787	1,994
Mortgages and loans | Amortized cost | Level 3
Disclosure of fair value measurement of assets [line items]
Fair value	27	12
Derivatives
Disclosure of fair value measurement of assets [line items]
Carrying value	1,971	2,183
Fair value	1,971	2,183
Other financial invested assets | FVTPL
Disclosure of fair value measurement of assets [line items]
Carrying value	7,950	6,883
Fair value	7,950	6,883
Other financial invested assets (CLOs)
Disclosure of fair value measurement of assets [line items]
Carrying value	5,356	3,478
Fair value	$ 5,356	$ 3,478

Total Invested Assets and Rel_4

Total Invested Assets and Related Net Investment Income - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 CAD ($) dollarsPerSquareFoot	Dec. 31, 2023 CAD ($)
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Assets supporting CLOs	$ 5,356	$ 3,478
Collateralized loan obligation	5,028	3,247
Realized and unrealized losses on CLOs	56
Other non-financial invested assets	1,829	1,657
Notional amount	178,698	162,948
Fair value	178,651	162,854
Financial liabilities	21,287	18,902
Financial liabilities, at fair value	$ 21,236	$ 18,801
Repurchase agreement interest rate	3.52%	4.86%
Carrying value of securities lent	$ 2,840	$ 2,705
Cash collateral on securities lent
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Cash collateral	194	187
Securitized Mortgages
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	1,555	1,792
Fair value	1,505	1,697
Securities in Principal Reinvestment Account
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	302	335
Cash and cash equivalents in Principal Reinvestment Account
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	0	57
Transferred assets
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Fair value	2,840	2,705
Securities lending
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Carrying value of securities lent	2,377	2,044
Collateral associated with securities lending
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Carrying value of securities lent	$ 2,506	2,158
Bottom of range
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Repurchase agreement maturity period	6 days
Bottom of range | Discounted cash flow
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Rental growth rate (per annum)	0%
Long-term vacancy rate	0%
Discount rate	5.50%
Terminal capitalization rate	4.50%
Bottom of range | Discounted cash flow | Credit spread, measurement input
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Significant unobservable inputs	0.0099
Bottom of range | Retail and office properties | Discounted cash flow
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Estimated rental value (per square foot, per annum) | dollarsPerSquareFoot	12
Bottom of range | Industrial properties | Discounted cash flow
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Estimated rental value (per square foot, per annum) | dollarsPerSquareFoot	3
Top of range
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Repurchase agreement maturity period	365 days
Top of range | Discounted cash flow
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Rental growth rate (per annum)	3.20%
Long-term vacancy rate	25%
Discount rate	9.50%
Terminal capitalization rate	8.75%
Top of range | Discounted cash flow | Credit spread, measurement input
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Significant unobservable inputs	0.0357
Top of range | Discounted cash flow | Liquidity adjustments, premium (discount), measurement input
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Significant unobservable inputs	0.0205
Top of range | Retail and office properties | Discounted cash flow
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Estimated rental value (per square foot, per annum) | dollarsPerSquareFoot	76
Top of range | Industrial properties | Discounted cash flow
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Estimated rental value (per square foot, per annum) | dollarsPerSquareFoot	23
Weighted average
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Repurchase agreement maturity period	91 days
Investments accounted for using equity method
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Other non-financial invested assets	$ 1,829	1,657
Investment property | Discounted cash flow
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Expected return period	10 years
At cost
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Other non-financial invested assets	$ 9,290	9,723
At fair value
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Other non-financial invested assets	9,290	9,723
Other financial invested assets (CLOs)
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Maximum contractual exposure to credit risk of loans or receivables	263	192
Financial liabilities	5,028	3,247
Financial liabilities, at fair value	5,028	3,247
Securitized Mortgages
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Financial liabilities	1,854	2,119
Financial liabilities, at fair value	1,807	2,021
Cash and Accounts Receivable
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Assets supporting CLOs	679	251
Loans
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Assets supporting CLOs	$ 4,677	$ 3,227

Total Invested Assets and Rel_5

Total Invested Assets and Related Net Investment Income - Assets and Liabilities Carried at Fair Value on a Recurring Basis by Hierarchy (Details) - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Assets	$ 370,721	$ 333,241
Liabilities	344,592	309,041
Notional amount	178,698	162,948
Mortgages
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	14,438	14,145
Loans
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	43,181	40,455
Mortgages and loans
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	57,619	54,600
Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Assets	334,913	299,023
Liabilities	136,033	114,192
Recurring fair value measurement | Obligations for securities borrowing
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Liabilities	239	223
Recurring fair value measurement | Derivative liabilities – FVTPL
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Liabilities	2,077	1,311
Recurring fair value measurement | Other financial liabilities
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Liabilities	5,028	3,247
Recurring fair value measurement | Investment contract liabilities
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Liabilities	128,689	109,411
Level 1 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Assets	38,682	34,996
Liabilities	32	13
Level 1 | Recurring fair value measurement | Obligations for securities borrowing
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Liabilities	4	3
Level 1 | Recurring fair value measurement | Derivative liabilities – FVTPL
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Liabilities	28	10
Level 1 | Recurring fair value measurement | Other financial liabilities
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Liabilities	0	0
Level 1 | Recurring fair value measurement | Investment contract liabilities
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Liabilities	0	0
Level 2 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Assets	276,336	245,063
Liabilities	7,312	4,768
Level 2 | Recurring fair value measurement | Obligations for securities borrowing
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Liabilities	235	220
Level 2 | Recurring fair value measurement | Derivative liabilities – FVTPL
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Liabilities	2,049	1,301
Level 2 | Recurring fair value measurement | Other financial liabilities
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Liabilities	5,028	3,247
Level 2 | Recurring fair value measurement | Investment contract liabilities
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Liabilities	0	0
Level 3 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Assets	19,895	18,964
Liabilities	128,689	109,411
Notional amount	19,895	18,964	$ 18,975
Level 3 | Recurring fair value measurement | Obligations for securities borrowing
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Liabilities	0	0
Level 3 | Recurring fair value measurement | Derivative liabilities – FVTPL
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Liabilities	0	0
Level 3 | Recurring fair value measurement | Other financial liabilities
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Liabilities	0	0
Level 3 | Recurring fair value measurement | Investment contract liabilities
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Liabilities	128,689	109,411
Canadian federal government
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	7,537	6,010
Canadian provincial and municipal government
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	15,655	14,251
Corporate
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	41,013	40,129
Debt securities
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	81,955	75,493
Retail | Mortgages
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	2,567	2,558
Office | Mortgages
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	2,633	2,754
Multi-family residential | Mortgages
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	4,499	4,839
Industrial | Mortgages
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	3,683	2,954
Other | Mortgages
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	1,056	1,040
Cash, cash equivalents and short-term securities
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	13,873	13,173
Cash, cash equivalents and short-term securities | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Assets	13,873	13,173
Cash, cash equivalents and short-term securities | Level 1 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Assets	13,243	12,316
Cash, cash equivalents and short-term securities | Level 2 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Assets	630	857
Cash, cash equivalents and short-term securities | Level 3 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Assets	0	0
Equity securities
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	9,974	7,138
Derivatives
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	1,971	2,183
Derivatives | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Assets	1,971	2,183
Derivatives | Level 1 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Assets	28	23
Derivatives | Level 2 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Assets	1,943	2,160
Derivatives | Level 3 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Assets	0	0
Other financial invested assets | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Assets	7,950	6,883
Other financial invested assets | Level 1 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Assets	859	608
Other financial invested assets | Level 2 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Assets	211	201
Other financial invested assets | Level 3 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Assets	6,880	6,074
Other financial invested assets (CLOs)
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	5,356	3,478
Other financial invested assets (CLOs) | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Assets	5,356	3,478
Other financial invested assets (CLOs) | Level 1 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Assets	0	0
Other financial invested assets (CLOs) | Level 2 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Assets	5,356	3,478
Other financial invested assets (CLOs) | Level 3 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Assets	0	0
Investment properties | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Assets	9,290	9,723
Investment properties | Level 1 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Assets	0	0
Investment properties | Level 2 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Assets	0	0
Investment properties | Level 3 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Assets	9,290	9,723
Total invested assets measured at fair value | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Assets	186,127	170,571
Total invested assets measured at fair value | Level 1 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Assets	21,429	18,382
Total invested assets measured at fair value | Level 2 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Assets	145,262	133,566
Total invested assets measured at fair value | Level 3 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Assets	19,436	18,623
Investments for account of segregated fund holders | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Assets	148,786	128,452
Investments for account of segregated fund holders | Level 1 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Assets	17,253	16,614
Investments for account of segregated fund holders | Level 2 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Assets	131,074	111,497
Investments for account of segregated fund holders | Level 3 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Assets	459	341
FVTPL | Mortgages
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	12,466	12,060
FVTPL | Loans
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	40,767	38,492
FVTPL | Recurring fair value measurement | Loans
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	40,767	38,492
FVTPL | Recurring fair value measurement | Mortgages and loans
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	53,233	50,552
FVTPL | Level 1 | Recurring fair value measurement | Loans
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	0	0
FVTPL | Level 1 | Recurring fair value measurement | Mortgages and loans
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	0	0
FVTPL | Level 2 | Recurring fair value measurement | Loans
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	38,491	36,448
FVTPL | Level 2 | Recurring fair value measurement | Mortgages and loans
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	50,933	48,496
FVTPL | Level 3 | Recurring fair value measurement | Loans
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	2,276	2,044
FVTPL | Level 3 | Recurring fair value measurement | Mortgages and loans
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	2,300	2,056
FVTPL | Canadian federal government
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	6,803	5,161
FVTPL | Canadian federal government | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	6,803	5,161
FVTPL | Canadian federal government | Level 1 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	0	0
FVTPL | Canadian federal government | Level 2 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	6,790	5,147
FVTPL | Canadian federal government | Level 3 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	13	14
FVTPL | Canadian provincial and municipal government
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	15,302	13,694
FVTPL | Canadian provincial and municipal government | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	15,302	13,694
FVTPL | Canadian provincial and municipal government | Level 1 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	0	0
FVTPL | Canadian provincial and municipal government | Level 2 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	15,302	13,694
FVTPL | Canadian provincial and municipal government | Level 3 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	0	0
FVTPL | U.S. government and agency | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	626	712
FVTPL | U.S. government and agency | Level 1 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	463	564
FVTPL | U.S. government and agency | Level 2 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	163	148
FVTPL | U.S. government and agency | Level 3 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	0	0
FVTPL | Other foreign government | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	3,796	3,329
FVTPL | Other foreign government | Level 1 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	0	0
FVTPL | Other foreign government | Level 2 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	3,762	3,329
FVTPL | Other foreign government | Level 3 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	34	0
FVTPL | Corporate
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	33,394	32,149
FVTPL | Corporate | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	33,394	32,149
FVTPL | Corporate | Level 1 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	0	0
FVTPL | Corporate | Level 2 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	32,929	31,809
FVTPL | Corporate | Level 3 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	465	340
FVTPL | Corporate | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	2,163	2,034
FVTPL | Corporate | Level 1 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	0	0
FVTPL | Corporate | Level 2 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	2,163	2,029
FVTPL | Corporate | Level 3 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	0	5
FVTPL | Residential mortgage-backed securities | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	3,539	2,335
FVTPL | Residential mortgage-backed securities | Level 1 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	0	0
FVTPL | Residential mortgage-backed securities | Level 2 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	3,539	2,335
FVTPL | Residential mortgage-backed securities | Level 3 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	0	0
FVTPL | Collateralized debt obligations | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	353	188
FVTPL | Collateralized debt obligations | Level 1 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	0	0
FVTPL | Collateralized debt obligations | Level 2 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	352	188
FVTPL | Collateralized debt obligations | Level 3 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	1	0
FVTPL | Other | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	2,130	1,578
FVTPL | Other | Level 1 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	0	0
FVTPL | Other | Level 2 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	2,126	1,535
FVTPL | Other | Level 3 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	4	43
FVTPL | Debt securities
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	68,106	61,180
FVTPL | Debt securities | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Assets	68,106	61,180
Notional amount	68,106	61,180
FVTPL | Debt securities | Level 1 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Assets	463	564
Notional amount	463	564
FVTPL | Debt securities | Level 2 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Assets	67,126	60,214
Notional amount	67,126	60,214
FVTPL | Debt securities | Level 3 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Assets	517	402
Notional amount	517	402
FVTPL | Retail | Recurring fair value measurement | Mortgages
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	2,484	2,536
FVTPL | Retail | Level 1 | Recurring fair value measurement | Mortgages
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	0	0
FVTPL | Retail | Level 2 | Recurring fair value measurement | Mortgages
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	2,472	2,524
FVTPL | Retail | Level 3 | Recurring fair value measurement | Mortgages
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	12	12
FVTPL | Office | Recurring fair value measurement | Mortgages
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	2,614	2,717
FVTPL | Office | Level 1 | Recurring fair value measurement | Mortgages
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	0	0
FVTPL | Office | Level 2 | Recurring fair value measurement | Mortgages
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	2,602	2,717
FVTPL | Office | Level 3 | Recurring fair value measurement | Mortgages
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	12	0
FVTPL | Multi-family residential | Recurring fair value measurement | Mortgages
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	2,887	2,986
FVTPL | Multi-family residential | Level 1 | Recurring fair value measurement | Mortgages
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	0	0
FVTPL | Multi-family residential | Level 2 | Recurring fair value measurement | Mortgages
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	2,887	2,986
FVTPL | Multi-family residential | Level 3 | Recurring fair value measurement | Mortgages
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	0	0
FVTPL | Industrial | Recurring fair value measurement | Mortgages
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	3,447	2,804
FVTPL | Industrial | Level 1 | Recurring fair value measurement | Mortgages
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	0	0
FVTPL | Industrial | Level 2 | Recurring fair value measurement | Mortgages
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	3,447	2,804
FVTPL | Industrial | Level 3 | Recurring fair value measurement | Mortgages
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	0	0
FVTPL | Other | Recurring fair value measurement | Mortgages
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	1,034	1,017
FVTPL | Other | Level 1 | Recurring fair value measurement | Mortgages
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	0	0
FVTPL | Other | Level 2 | Recurring fair value measurement | Mortgages
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	1,034	1,017
FVTPL | Other | Level 3 | Recurring fair value measurement | Mortgages
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	0	0
FVTPL | Equity securities
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	9,900	7,070
FVTPL | Equity securities | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Assets	9,900	7,070
FVTPL | Equity securities | Level 1 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Assets	6,331	4,220
FVTPL | Equity securities | Level 2 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Assets	3,358	2,737
FVTPL | Equity securities | Level 3 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Assets	211	113
FVTPL | Mortgages and loans
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	53,233	50,552
FVTPL | Mortgages and loans | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Assets	53,233	50,552
FVTPL | Mortgages and loans | Level 1 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Assets	0	0
FVTPL | Mortgages and loans | Level 2 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Assets	50,933	48,496
FVTPL | Mortgages and loans | Level 3 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Assets	2,300	2,056
FVTPL | Other financial invested assets
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	7,950	6,883
FVOCI | Mortgages
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	417	291
FVOCI | Loans
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	2,108	1,657
FVOCI | Recurring fair value measurement | Loans
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	2,108	1,657
FVOCI | Recurring fair value measurement | Mortgages and loans
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	2,525	1,948
FVOCI | Level 1 | Recurring fair value measurement | Loans
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	0	0
FVOCI | Level 1 | Recurring fair value measurement | Mortgages and loans
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	0	0
FVOCI | Level 2 | Recurring fair value measurement | Loans
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	2,095	1,657
FVOCI | Level 2 | Recurring fair value measurement | Mortgages and loans
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	2,512	1,948
FVOCI | Level 3 | Recurring fair value measurement | Loans
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	13	0
FVOCI | Level 3 | Recurring fair value measurement | Mortgages and loans
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	13	0
FVOCI | Canadian federal government
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	734	849
FVOCI | Canadian federal government | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	734	849
FVOCI | Canadian federal government | Level 1 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	0	0
FVOCI | Canadian federal government | Level 2 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	734	849
FVOCI | Canadian federal government | Level 3 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	0	0
FVOCI | Canadian provincial and municipal government
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	353	557
FVOCI | Canadian provincial and municipal government | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	353	557
FVOCI | Canadian provincial and municipal government | Level 1 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	0	0
FVOCI | Canadian provincial and municipal government | Level 2 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	353	557
FVOCI | Canadian provincial and municipal government | Level 3 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	0	0
FVOCI | U.S. government and agency | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	509	658
FVOCI | U.S. government and agency | Level 1 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	501	651
FVOCI | U.S. government and agency | Level 2 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	8	7
FVOCI | U.S. government and agency | Level 3 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	0	0
FVOCI | Other foreign government | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	413	473
FVOCI | Other foreign government | Level 1 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	4	0
FVOCI | Other foreign government | Level 2 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	397	462
FVOCI | Other foreign government | Level 3 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	12	11
FVOCI | Corporate
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	7,619	7,980
FVOCI | Corporate | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	7,619	7,980
FVOCI | Corporate | Level 1 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	0	0
FVOCI | Corporate | Level 2 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	7,529	7,905
FVOCI | Corporate | Level 3 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	90	75
FVOCI | Corporate | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	1,084	1,017
FVOCI | Corporate | Level 1 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	0	0
FVOCI | Corporate | Level 2 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	1,084	1,017
FVOCI | Corporate | Level 3 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	0	0
FVOCI | Residential mortgage-backed securities | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	1,170	944
FVOCI | Residential mortgage-backed securities | Level 1 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	0	0
FVOCI | Residential mortgage-backed securities | Level 2 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	1,159	944
FVOCI | Residential mortgage-backed securities | Level 3 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	11	0
FVOCI | Collateralized debt obligations | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	711	780
FVOCI | Collateralized debt obligations | Level 1 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	0	0
FVOCI | Collateralized debt obligations | Level 2 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	673	767
FVOCI | Collateralized debt obligations | Level 3 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	38	13
FVOCI | Other | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	1,256	1,055
FVOCI | Other | Level 1 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	0	0
FVOCI | Other | Level 2 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	1,256	967
FVOCI | Other | Level 3 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	0	88
FVOCI | Debt securities
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	13,849	14,313
FVOCI | Debt securities | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Assets	13,849	14,313
Notional amount	13,849	14,313
FVOCI | Debt securities | Level 1 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Assets	505	651
Notional amount	505	651
FVOCI | Debt securities | Level 2 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Assets	13,193	13,475
Notional amount	13,193	13,475
FVOCI | Debt securities | Level 3 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Assets	151	187
Notional amount	151	187
FVOCI | Retail | Recurring fair value measurement | Mortgages
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	83	22
FVOCI | Retail | Level 1 | Recurring fair value measurement | Mortgages
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	0	0
FVOCI | Retail | Level 2 | Recurring fair value measurement | Mortgages
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	83	22
FVOCI | Retail | Level 3 | Recurring fair value measurement | Mortgages
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	0	0
FVOCI | Office | Recurring fair value measurement | Mortgages
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	19	37
FVOCI | Office | Level 1 | Recurring fair value measurement | Mortgages
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	0	0
FVOCI | Office | Level 2 | Recurring fair value measurement | Mortgages
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	19	37
FVOCI | Office | Level 3 | Recurring fair value measurement | Mortgages
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	0	0
FVOCI | Multi-family residential | Recurring fair value measurement | Mortgages
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	79	83
FVOCI | Multi-family residential | Level 1 | Recurring fair value measurement | Mortgages
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	0	0
FVOCI | Multi-family residential | Level 2 | Recurring fair value measurement | Mortgages
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	79	83
FVOCI | Multi-family residential | Level 3 | Recurring fair value measurement | Mortgages
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	0	0
FVOCI | Industrial | Recurring fair value measurement | Mortgages
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	236	149
FVOCI | Industrial | Level 1 | Recurring fair value measurement | Mortgages
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	0	0
FVOCI | Industrial | Level 2 | Recurring fair value measurement | Mortgages
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	236	149
FVOCI | Industrial | Level 3 | Recurring fair value measurement | Mortgages
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	0	0
FVOCI | Equity securities
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	74	68
FVOCI | Equity securities | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Assets	74	68
FVOCI | Equity securities | Level 1 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Assets	0	0
FVOCI | Equity securities | Level 2 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Assets	0	0
FVOCI | Equity securities | Level 3 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Assets	74	68
FVOCI | Mortgages and loans
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	2,525	1,948
FVOCI | Mortgages and loans | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Assets	2,525	1,948
FVOCI | Mortgages and loans | Level 1 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Assets	0	0
FVOCI | Mortgages and loans | Level 2 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Assets	2,512	1,948
FVOCI | Mortgages and loans | Level 3 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Assets	13	0
Debt securities | FVTPL | Level 3 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	517	402	394
Debt securities | FVOCI | Level 3 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	151	187	52
Equity securities | FVTPL | Level 3 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	211	113	101
Equity securities | FVOCI | Level 3 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	74	68	70
Mortgages and loans | FVTPL | Level 3 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	2,300	2,056	2,054
Mortgages and loans | FVOCI | Level 3 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	13	0	16
Other financial invested assets | Level 3 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	6,880	6,074	5,555
Investment properties | Level 3 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	9,290	9,723	10,102
Total invested assets measured at fair value | Level 3 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	19,436	18,623	18,344
Investments for account of segregated fund holders | Level 3 | Recurring fair value measurement
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Notional amount	$ 459	$ 341	$ 631

Total Invested Assets and Rel_6

Total Invested Assets and Related Net Investment Income - Reconciliation of Assets and Liabilities Categorized in Level 3 (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Changes in fair value measurement, assets [abstract]
Beginning balance	$ 162,948
Ending balance	178,698	$ 162,948
Fair value changes on investment properties	383	486
Amortization of leasing commissions and tenant inducements	72	34
Recurring fair value measurement | Level 3
Changes in fair value measurement, assets [abstract]
Beginning balance	18,964	18,975
Included in net income	(157)	(571)
Included in OCI	5	4
Purchases / Issuances	2,254	2,231
Sales / Payments	(935)	(1,051)
Settlements	(109)	(20)
Transfers into Level 3	624	390
Transfers (out) of Level 3	(1,058)	(918)
Foreign currency translation	307	(76)
Ending balance	19,895	18,964
Gains (losses) included in earnings relating to instruments still held at the reporting date	(79)	(592)
Recurring fair value measurement | Level 3 | Previously stated
Changes in fair value measurement, assets [abstract]
Beginning balance	18,964
Ending balance		18,964
Recurring fair value measurement | Level 3 | Other financial invested assets
Changes in fair value measurement, assets [abstract]
Beginning balance	6,074	5,555
Included in net income	251	(169)
Included in OCI	0	0
Purchases / Issuances	825	984
Sales / Payments	(389)	(261)
Settlements	0	0
Transfers into Level 3	0	0
Transfers (out) of Level 3	(15)	0
Foreign currency translation	134	(35)
Ending balance	6,880	6,074
Gains (losses) included in earnings relating to instruments still held at the reporting date	247	(170)
Recurring fair value measurement | Level 3 | Other financial invested assets | Previously stated
Changes in fair value measurement, assets [abstract]
Beginning balance	6,074
Ending balance		6,074
Recurring fair value measurement | Level 3 | Investment properties
Changes in fair value measurement, assets [abstract]
Beginning balance	9,723	10,102
Included in net income	(455)	(520)
Included in OCI	0	0
Purchases / Issuances	146	391
Sales / Payments	(255)	(220)
Settlements	0	0
Transfers into Level 3	0	0
Transfers (out) of Level 3	0	0
Foreign currency translation	131	(30)
Ending balance	9,290	9,723
Gains (losses) included in earnings relating to instruments still held at the reporting date	(369)	(522)
Recurring fair value measurement | Level 3 | Investment properties | Previously stated
Changes in fair value measurement, assets [abstract]
Beginning balance	9,723
Ending balance		9,723
Recurring fair value measurement | Level 3 | Total invested assets measured at fair value
Changes in fair value measurement, assets [abstract]
Beginning balance	18,623	18,344
Included in net income	(149)	(556)
Included in OCI	5	4
Purchases / Issuances	2,081	2,058
Sales / Payments	(873)	(607)
Settlements	(108)	(19)
Transfers into Level 3	624	390
Transfers (out) of Level 3	(1,058)	(918)
Foreign currency translation	291	(73)
Ending balance	19,436	18,623
Gains (losses) included in earnings relating to instruments still held at the reporting date	(79)	(574)
Recurring fair value measurement | Level 3 | Total invested assets measured at fair value | Previously stated
Changes in fair value measurement, assets [abstract]
Beginning balance	18,623
Ending balance		18,623
Recurring fair value measurement | Level 3 | Investments for account of segregated fund holders
Changes in fair value measurement, assets [abstract]
Beginning balance	341	631
Included in net income	(8)	(15)
Included in OCI	0	0
Purchases / Issuances	173	173
Sales / Payments	(62)	(444)
Settlements	(1)	(1)
Transfers into Level 3	0	0
Transfers (out) of Level 3	0	0
Foreign currency translation	16	(3)
Ending balance	459	341
Gains (losses) included in earnings relating to instruments still held at the reporting date	0	(18)
Recurring fair value measurement | Level 3 | Investments for account of segregated fund holders | Previously stated
Changes in fair value measurement, assets [abstract]
Beginning balance	341
Ending balance		341
FVTPL | Recurring fair value measurement | Level 3 | Debt securities
Changes in fair value measurement, assets [abstract]
Beginning balance	402	394
Included in net income	2	9
Included in OCI	0	0
Purchases / Issuances	436	211
Sales / Payments	(48)	(8)
Settlements	(37)	(6)
Transfers into Level 3	117	8
Transfers (out) of Level 3	(367)	(200)
Foreign currency translation	12	(6)
Ending balance	517	402
Gains (losses) included in earnings relating to instruments still held at the reporting date	(6)	5
FVTPL | Recurring fair value measurement | Level 3 | Debt securities | Previously stated
Changes in fair value measurement, assets [abstract]
Beginning balance	402
Ending balance		402
FVTPL | Recurring fair value measurement | Level 3 | Equity securities
Changes in fair value measurement, assets [abstract]
Beginning balance	113	101
Included in net income	20	13
Included in OCI	0	0
Purchases / Issuances	77	18
Sales / Payments	(1)	(19)
Settlements	0	0
Transfers into Level 3	0	0
Transfers (out) of Level 3	0	0
Foreign currency translation	2	0
Ending balance	211	113
Gains (losses) included in earnings relating to instruments still held at the reporting date	19	9
FVTPL | Recurring fair value measurement | Level 3 | Equity securities | Previously stated
Changes in fair value measurement, assets [abstract]
Beginning balance	113
Ending balance		113
FVTPL | Recurring fair value measurement | Level 3 | Mortgages and loans
Changes in fair value measurement, assets [abstract]
Beginning balance	2,056	2,054
Included in net income	33	119
Included in OCI	0	0
Purchases / Issuances	240	293
Sales / Payments	(133)	(75)
Settlements	(21)	(7)
Transfers into Level 3	439	382
Transfers (out) of Level 3	(320)	(710)
Foreign currency translation	6	0
Ending balance	2,300	2,056
Gains (losses) included in earnings relating to instruments still held at the reporting date	30	112
FVTPL | Recurring fair value measurement | Level 3 | Mortgages and loans | Previously stated
Changes in fair value measurement, assets [abstract]
Beginning balance	2,056
Ending balance		2,056
FVOCI | Recurring fair value measurement | Level 3 | Debt securities
Changes in fair value measurement, assets [abstract]
Beginning balance	187	52
Included in net income	0	0
Included in OCI	5	3
Purchases / Issuances	335	153
Sales / Payments	(47)	(6)
Settlements	(50)	(6)
Transfers into Level 3	62	0
Transfers (out) of Level 3	(341)	(8)
Foreign currency translation	0	(1)
Ending balance	151	187
Gains (losses) included in earnings relating to instruments still held at the reporting date	0	0
FVOCI | Recurring fair value measurement | Level 3 | Debt securities | Previously stated
Changes in fair value measurement, assets [abstract]
Beginning balance	187
Ending balance		187
FVOCI | Recurring fair value measurement | Level 3 | Equity securities
Changes in fair value measurement, assets [abstract]
Beginning balance	68	70
Included in net income	0	0
Included in OCI	0	0
Purchases / Issuances	0	0
Sales / Payments	0	(1)
Settlements	0	0
Transfers into Level 3	0	0
Transfers (out) of Level 3	0	0
Foreign currency translation	6	(1)
Ending balance	74	68
Gains (losses) included in earnings relating to instruments still held at the reporting date	0	0
FVOCI | Recurring fair value measurement | Level 3 | Equity securities | Previously stated
Changes in fair value measurement, assets [abstract]
Beginning balance	68
Ending balance		68
FVOCI | Recurring fair value measurement | Level 3 | Mortgages and loans
Changes in fair value measurement, assets [abstract]
Beginning balance	0	16
Included in net income	0	(8)
Included in OCI	0	1
Purchases / Issuances	22	8
Sales / Payments	0	(17)
Settlements	0	0
Transfers into Level 3	6	0
Transfers (out) of Level 3	(15)	0
Foreign currency translation	0	0
Ending balance	13	0
Gains (losses) included in earnings relating to instruments still held at the reporting date	0	(8)
FVOCI | Recurring fair value measurement | Level 3 | Mortgages and loans | Previously stated
Changes in fair value measurement, assets [abstract]
Beginning balance	$ 0
Ending balance		$ 0

Total Invested Assets and Rel_7

Total Invested Assets and Related Net Investment Income - Net Investment Income (Loss) (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Cash, cash equivalents and short-term investments	$ 537	$ 473
Debt securities	3,498	3,226
Mortgages and loans	2,863	2,680
Derivative investments	(38)	69
Other financial invested assets	363	248
Other financial liabilities	(464)	(371)
Total interest income (expense)	6,759	6,325
Equity securities	254	212
Other financial invested assets	313	226
Total dividend and other investment income	567	438
Total net realized and unrealized gains (losses)	260	5,896
Provision for credit losses	(4)	(14)
Net investment income (loss) from financial instruments	7,582	12,645
Investment properties rental income	664	649
Investment properties expenses	(265)	(270)
Investment expenses and taxes	(278)	(283)
Fair value changes on investment properties	(383)	(486)
Other investment income (loss)	323	49
Foreign exchange gains (losses)	116	(126)
Net investment income (loss) from non-financial instruments	177	(467)
Total Net investment income (loss)	7,759	12,178
Net investment income (loss) recognized in income	7,415	11,586
Net investment income (loss) recognized in OCI	344	592
FVTPL
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Other financial liabilities	(299)	(217)
Other financial liabilities
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Total net realized and unrealized gains (losses)	(44)	25
Cash, cash equivalents and short-term securities
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Total net realized and unrealized gains (losses)	8	0
Debt securities
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Total net realized and unrealized gains (losses)	(662)	3,018
Equity securities
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Total net realized and unrealized gains (losses)	1,218	396
Mortgages and loans
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Total net realized and unrealized gains (losses)	680	1,613
Derivatives
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Total net realized and unrealized gains (losses)	(1,347)	933
Other Financial Invested Assets
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Total net realized and unrealized gains (losses)	407	(89)
FVOCI
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Debt securities	604	563
Mortgages and loans	138	103
Other financial invested assets	1	1
Total interest income (expense)	743	667
Total net realized and unrealized gains (losses)	193	662
Provision for credit losses	3	(12)
Net investment income (loss) from financial instruments	939	1,317
Total Net investment income (loss)	939	1,317
FVOCI | Debt securities
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Total net realized and unrealized gains (losses)	162	463
FVOCI | Equity securities
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Total net realized and unrealized gains (losses)	0	(1)
FVOCI | Mortgages and loans
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Total net realized and unrealized gains (losses)	30	40
FVOCI | Other Financial Invested Assets
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Total net realized and unrealized gains (losses)	1	160
FVTPL
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Cash, cash equivalents and short-term investments	537	473
Debt securities	2,894	2,663
Mortgages and loans	2,661	2,503
Derivative investments	(38)	69
Other financial invested assets	362	247
Total interest income (expense)	6,117	5,738
Equity securities	254	212
Other financial invested assets	313	226
Total dividend and other investment income	567	438
Total net realized and unrealized gains (losses)	67	5,234
Net investment income (loss) from financial instruments	6,751	11,410
Total Net investment income (loss)	6,751	11,410
FVTPL | Other financial liabilities
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Total net realized and unrealized gains (losses)	(44)	25
FVTPL | Cash, cash equivalents and short-term securities
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Total net realized and unrealized gains (losses)	8	0
FVTPL | Debt securities
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Total net realized and unrealized gains (losses)	(824)	2,555
FVTPL | Equity securities
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Total net realized and unrealized gains (losses)	1,218	397
FVTPL | Mortgages and loans
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Total net realized and unrealized gains (losses)	650	1,573
FVTPL | Derivatives
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Total net realized and unrealized gains (losses)	(1,347)	933
FVTPL | Other Financial Invested Assets
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Total net realized and unrealized gains (losses)	406	(249)
Other
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Cash, cash equivalents and short-term investments	0	0
Debt securities	0	0
Mortgages and loans	64	74
Derivative investments	0	0
Other financial invested assets	0	0
Other financial liabilities	(165)	(154)
Total interest income (expense)	(101)	(80)
Equity securities	0	0
Other financial invested assets	0	0
Total dividend and other investment income	0	0
Total net realized and unrealized gains (losses)	0	0
Provision for credit losses	(7)	(2)
Net investment income (loss) from financial instruments	(108)	(82)
Investment properties rental income	664	649
Investment properties expenses	(265)	(270)
Investment expenses and taxes	(278)	(283)
Fair value changes on investment properties	(383)	(486)
Other investment income (loss)	323	49
Foreign exchange gains (losses)	116	(126)
Net investment income (loss) from non-financial instruments	177	(467)
Total Net investment income (loss)	69	(549)
Other | Other financial liabilities
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Total net realized and unrealized gains (losses)	0	0
Other | Cash, cash equivalents and short-term securities
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Total net realized and unrealized gains (losses)	0	0
Other | Debt securities
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Total net realized and unrealized gains (losses)	0	0
Other | Equity securities
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Total net realized and unrealized gains (losses)	0	0
Other | Mortgages and loans
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Total net realized and unrealized gains (losses)	0	0
Other | Derivatives
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Total net realized and unrealized gains (losses)	0	0
Other | Other Financial Invested Assets
Disclosure Of Fair Value Measurement of Assets and Liabilities [Line Items]
Total net realized and unrealized gains (losses)	$ 0	$ 0

Total Invested Assets and Rel_8

Total Invested Assets and Related Net Investment Income - Explanation of Investment Result (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure of detailed information about financial instruments [line items]
Net investment income (loss) recognized in income	$ 7,415	$ 11,586
Net investment income (loss) recognized in OCI	344	592
Total Net investment income (loss)	7,759	12,178
Effect of time value of money (Interest on carrying value) including interest on policy loans and interest on amounts on deposit	(4,284)	(4,328)
Impact of change in discount rate on fulfilment cash flows excluding where measured at locked-in rates and effect of changes in financial risk	1,548	(2,076)
Application of risk mitigation option	225	104
Changes in fair value of underlying items for contracts with direct participation features (excluding segregated funds)	(2,642)	(3,425)
Foreign exchange gains (losses)	49	(23)
Other	16	132
Total insurance finance income (expenses) recognized in income	(5,088)	(9,616)
Decrease (increase) in investment contract liabilities	(393)	(331)
Net investment result	2,278	2,231
Net investment result recognized in net income	1,934	1,639
Currently Stated, Due To Changes In Accounting Policy
Disclosure of detailed information about financial instruments [line items]
Net investment income (loss) recognized in income		11,586
Net investment income (loss) recognized in OCI		592
Total Net investment income (loss)		12,178
Total insurance
Disclosure of detailed information about financial instruments [line items]
Net investment income (loss) recognized in income	5,894
Net investment income (loss) recognized in OCI	12	171
Total Net investment income (loss)	5,906
Effect of time value of money (Interest on carrying value) including interest on policy loans and interest on amounts on deposit	(4,284)	(4,328)
Impact of change in discount rate on fulfilment cash flows excluding where measured at locked-in rates and effect of changes in financial risk	1,548	(2,076)
Application of risk mitigation option	225	104
Changes in fair value of underlying items for contracts with direct participation features (excluding segregated funds)	(2,642)	(3,425)
Foreign exchange gains (losses)	49	(23)
Other	16	132
Total insurance finance income (expenses) recognized in income	(5,088)	(9,616)
Net investment result	818	766
Net investment result recognized in net income	806	595
Total insurance | Currently Stated, Due To Changes In Accounting Policy
Disclosure of detailed information about financial instruments [line items]
Net investment income (loss) recognized in income		10,211
Net investment income (loss) recognized in OCI		171
Total Net investment income (loss)		10,382
Insurance contracts Issued
Disclosure of detailed information about financial instruments [line items]
Effect of time value of money (Interest on carrying value) including interest on policy loans and interest on amounts on deposit	(4,474)	(4,484)
Impact of change in discount rate on fulfilment cash flows excluding where measured at locked-in rates and effect of changes in financial risk	1,683	(1,985)
Application of risk mitigation option	225	104
Changes in fair value of underlying items for contracts with direct participation features (excluding segregated funds)	(2,642)	(3,425)
Foreign exchange gains (losses)	49	(22)
Other	20	137
Total insurance finance income (expenses) recognized in income	(5,139)	(9,675)
Reinsurance contracts held
Disclosure of detailed information about financial instruments [line items]
Effect of time value of money (Interest on carrying value) including interest on policy loans and interest on amounts on deposit	190	156
Impact of change in discount rate on fulfilment cash flows excluding where measured at locked-in rates and effect of changes in financial risk	(135)	(91)
Application of risk mitigation option	0	0
Changes in fair value of underlying items for contracts with direct participation features (excluding segregated funds)	0	0
Foreign exchange gains (losses)	0	(1)
Other	(4)	(5)
Total insurance finance income (expenses) recognized in income	51	59
Non-insurance (all other)
Disclosure of detailed information about financial instruments [line items]
Net investment income (loss) recognized in income	1,521
Net investment income (loss) recognized in OCI	332	421
Total Net investment income (loss)	1,853
Decrease (increase) in investment contract liabilities	(393)	(331)
Net investment result	1,460	1,465
Net investment result recognized in net income	$ 1,128	1,044
Non-insurance (all other) | Currently Stated, Due To Changes In Accounting Policy
Disclosure of detailed information about financial instruments [line items]
Net investment income (loss) recognized in income		1,375
Net investment income (loss) recognized in OCI		421
Total Net investment income (loss)		$ 1,796

Total Invested Assets and Rel_9

Total Invested Assets and Related Net Investment Income - Cash, Cash Equivalents and Short-term Securities (Details) - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Fair Value Measurement [Abstract]
Cash	$ 2,294	$ 2,001
Cash equivalents	7,835	9,169
Short-term securities	3,744	2,003
Cash, cash equivalents and short-term securities	13,873	13,173
Less: Bank overdraft, recorded in Other liabilities	175	0
Net cash, cash equivalents and short-term securities	$ 13,698	$ 13,173

Total Invested Assets and Re_10

Total Invested Assets and Related Net Investment Income - Fair Values of Derivative Financial Instruments by Major Class (Details) - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Disclosure of financial assets [line items]
Fair value	$ 178,651	$ 162,854
Financial liabilities, at fair value	(21,236)	(18,801)
Derivatives
Disclosure of financial assets [line items]
Fair value	1,971	2,183
Financial liabilities, at fair value	(2,077)	(1,311)
Interest rate contracts
Disclosure of financial assets [line items]
Fair value	392	418
Financial liabilities, at fair value	(822)	(667)
Interest rate contracts | Derivative investments
Disclosure of financial assets [line items]
Fair value	392	418
Financial liabilities, at fair value	(822)	(667)
Foreign currency swap contracts
Disclosure of financial assets [line items]
Fair value	1,411	1,676
Financial liabilities, at fair value	(1,198)	(633)
Foreign currency swap contracts | Derivative investments
Disclosure of financial assets [line items]
Fair value	1,403	1,674
Financial liabilities, at fair value	(1,195)	(614)
Foreign currency swap contracts | Cash flow hedges
Disclosure of financial assets [line items]
Fair value	8	2
Financial liabilities, at fair value	(3)	(19)
Other Derivative Contracts
Disclosure of financial assets [line items]
Fair value	168	89
Financial liabilities, at fair value	(57)	(11)
Other Derivative Contracts | Derivative investments
Disclosure of financial assets [line items]
Fair value	125	72
Financial liabilities, at fair value	(57)	(11)
Other Derivative Contracts | Cash flow hedges
Disclosure of financial assets [line items]
Fair value	43	17
Financial liabilities, at fair value	$ 0	$ 0

Total Invested Assets and Re_11

Total Invested Assets and Related Net Investment Income - Hedge Ineffectiveness (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure of detailed information about financial instruments [line items]
Unrealized gains (losses)	$ 111	$ (11)
Losses (gains) reclassified to Net interest income	106	(28)
Foreign exchange risk
Disclosure of detailed information about financial instruments [line items]
Gains (losses) on hedged items for ineffectiveness measurement	(5)	18
Gain (losses) on hedging instruments for ineffectiveness measurement	5	(18)
Hedge ineffectiveness	0	0
Unrealized gains (losses)	69	(17)
Losses (gains) reclassified to Net interest income	(76)	37
Equity price risk
Disclosure of detailed information about financial instruments [line items]
Gains (losses) on hedged items for ineffectiveness measurement	(42)	(6)
Gain (losses) on hedging instruments for ineffectiveness measurement	43	17
Hedge ineffectiveness	1	11
Unrealized gains (losses)	57	7
Losses (gains) reclassified to Net interest income	(41)	(3)
Active hedges | Foreign exchange risk
Disclosure of detailed information about financial instruments [line items]
Accumulated other comprehensive income	14	9
Active hedges | Equity price risk
Disclosure of detailed information about financial instruments [line items]
Accumulated other comprehensive income	$ (10)	$ (10)

Total Invested Assets and Re_12

Total Invested Assets and Related Net Investment Income - Reconciliation of Components of Equity (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure of detailed information about financial instruments [line items]
Unrealized gains (losses)	$ 111	$ (11)
Unrealized gains (losses)	1,346	(290)
Reclassifications to net income (loss)	(106)	28
Reclassifications to net income (loss)	0	(49)
Related tax	14	(7)
Currently Stated, Due To Changes In Accounting Policy
Disclosure of detailed information about financial instruments [line items]
Balance, beginning of period	772	714
Balance, end of period	2,441	772
Foreign exchange risk
Disclosure of detailed information about financial instruments [line items]
Unrealized gains (losses)	69	(17)
Reclassifications to net income (loss)	76	(37)
Equity price risk
Disclosure of detailed information about financial instruments [line items]
Unrealized gains (losses)	57	7
Reclassifications to net income (loss)	41	3
Unrealized gains (losses) on cash flow hedges
Disclosure of detailed information about financial instruments [line items]
Balance, beginning of period	(1)	(18)
Related tax	(4)	(7)
Balance, end of period	4	(1)
Unrealized gains (losses) on cash flow hedges | Currently Stated, Due To Changes In Accounting Policy
Disclosure of detailed information about financial instruments [line items]
Balance, beginning of period	(1)	(18)
Balance, end of period	4	(1)
Unrealized gains (losses) on cash flow hedges | Foreign exchange risk
Disclosure of detailed information about financial instruments [line items]
Unrealized gains (losses)	69	(17)
Reclassifications to net income (loss)	(76)	37
Unrealized gains (losses) on cash flow hedges | Equity price risk
Disclosure of detailed information about financial instruments [line items]
Unrealized gains (losses)	57	7
Reclassifications to net income (loss)	(41)	(3)
Unrealized foreign currency translation gains (losses), net of hedging activities | Currently Stated, Due To Changes In Accounting Policy
Disclosure of detailed information about financial instruments [line items]
Balance, beginning of period	1,350	1,689
Balance, end of period	$ 2,696	$ 1,350

Financial Instrument Risk Man_3

Financial Instrument Risk Management - Maximum Exposure to Credit Risk (Details) - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Credit risk | Loans
Disclosure of credit risk exposure [line items]
Loan commitments	$ 2,500	$ 2,061

Financial Instrument Risk Man_4

Financial Instrument Risk Management - Right of Offset and Collateral (Details) - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Derivative liabilities
Financial liabilities:
Financial instruments presented in the Consolidated Statements of Financial Position	$ (2,077)	$ (1,311)
Financial instruments subject to master netting or similar agreements	1,043	738
Financial collateral (received) pledged	936	489
Net amount	(98)	(84)
Financial assets pledged as collateral	2,126	1,472
Repurchase agreements
Financial liabilities:
Financial instruments presented in the Consolidated Statements of Financial Position	(2,840)	(2,705)
Financial instruments subject to master netting or similar agreements	33	28
Financial collateral (received) pledged	2,807	2,677
Net amount	0	0
Financial assets pledged as collateral	2,840	2,705
Cash collateral on securities lent
Financial liabilities:
Financial instruments presented in the Consolidated Statements of Financial Position	(194)	(187)
Financial instruments subject to master netting or similar agreements	0	0
Financial collateral (received) pledged	184	176
Net amount	(10)	(11)
Obligations for securities borrowing
Financial liabilities:
Financial instruments presented in the Consolidated Statements of Financial Position	(239)	(223)
Financial instruments subject to master netting or similar agreements	0	0
Financial collateral (received) pledged	239	223
Net amount	0	0
Derivatives
Financial assets:
Financial assets presented in the Consolidated Statements of Financial Position	1,971	2,183
Financial instruments subject to master netting or similar agreements	(1,043)	(738)
Financial collateral (received) pledged	(787)	(1,316)
Net amount	141	129
Financial liabilities:
Financial assets received as collateral	895	1,443
Reverse repurchase agreements
Financial assets:
Financial assets presented in the Consolidated Statements of Financial Position	33	28
Financial instruments subject to master netting or similar agreements	(33)	(28)
Financial collateral (received) pledged	0	0
Net amount	0	0
Financial liabilities:
Financial assets received as collateral	33	28
Financial assets
Financial assets:
Financial assets presented in the Consolidated Statements of Financial Position	2,004	2,211
Financial instruments subject to master netting or similar agreements	(1,076)	(766)
Financial collateral (received) pledged	(787)	(1,316)
Net amount	141	129
Financial liabilities
Financial liabilities:
Financial instruments presented in the Consolidated Statements of Financial Position	(5,350)	(4,426)
Financial instruments subject to master netting or similar agreements	1,076	766
Financial collateral (received) pledged	4,166	3,565
Net amount	$ (108)	$ (95)

Financial Instrument Risk Man_5

Financial Instrument Risk Management - Debt Securities by Geographic Location (Details) - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Disclosure of geographical areas [line items]
Carrying value	$ 178,698	$ 162,948
Debt securities
Disclosure of geographical areas [line items]
Carrying value	81,955	75,493
Debt securities | Canada
Disclosure of geographical areas [line items]
Carrying value	38,086	34,519
Debt securities | United States
Disclosure of geographical areas [line items]
Carrying value	27,472	26,377
Debt securities | United Kingdom
Disclosure of geographical areas [line items]
Carrying value	1,881	1,741
Debt securities | Other
Disclosure of geographical areas [line items]
Carrying value	14,516	12,856
FVTPL | Debt securities
Disclosure of geographical areas [line items]
Carrying value	68,106	61,180
FVTPL | Debt securities | Canada
Disclosure of geographical areas [line items]
Carrying value	34,472	30,180
FVTPL | Debt securities | United States
Disclosure of geographical areas [line items]
Carrying value	20,986	20,111
FVTPL | Debt securities | United Kingdom
Disclosure of geographical areas [line items]
Carrying value	1,320	1,224
FVTPL | Debt securities | Other
Disclosure of geographical areas [line items]
Carrying value	11,328	9,665
FVOCI | Debt securities
Disclosure of geographical areas [line items]
Carrying value	13,849	14,313
FVOCI | Debt securities | Canada
Disclosure of geographical areas [line items]
Carrying value	3,614	4,339
FVOCI | Debt securities | United States
Disclosure of geographical areas [line items]
Carrying value	6,486	6,266
FVOCI | Debt securities | United Kingdom
Disclosure of geographical areas [line items]
Carrying value	561	517
FVOCI | Debt securities | Other
Disclosure of geographical areas [line items]
Carrying value	$ 3,188	$ 3,191

Financial Instrument Risk Man_6

Financial Instrument Risk Management - Debt Securities by Issuer and Industry Sector (Details) - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Disclosure of financial assets [line items]
Notional amount	$ 178,698	$ 162,948
Total government issued or guaranteed debt securities
Disclosure of financial assets [line items]
Notional amount	28,536	25,433
Total government issued or guaranteed debt securities | FVTPL
Disclosure of financial assets [line items]
Notional amount	26,527	22,896
Total government issued or guaranteed debt securities | FVOCI
Disclosure of financial assets [line items]
Notional amount	2,009	2,537
Canadian federal government
Disclosure of financial assets [line items]
Notional amount	7,537	6,010
Canadian federal government | FVTPL
Disclosure of financial assets [line items]
Notional amount	6,803	5,161
Canadian federal government | FVOCI
Disclosure of financial assets [line items]
Notional amount	734	849
Canadian provincial and municipal government
Disclosure of financial assets [line items]
Notional amount	15,655	14,251
Canadian provincial and municipal government | FVTPL
Disclosure of financial assets [line items]
Notional amount	15,302	13,694
Canadian provincial and municipal government | FVOCI
Disclosure of financial assets [line items]
Notional amount	353	557
U.S. government and agency
Disclosure of financial assets [line items]
Notional amount	1,135	1,370
U.S. government and agency | FVTPL
Disclosure of financial assets [line items]
Notional amount	626	712
U.S. government and agency | FVOCI
Disclosure of financial assets [line items]
Notional amount	509	658
Other foreign government
Disclosure of financial assets [line items]
Notional amount	4,209	3,802
Other foreign government | FVTPL
Disclosure of financial assets [line items]
Notional amount	3,796	3,329
Other foreign government | FVOCI
Disclosure of financial assets [line items]
Notional amount	413	473
Total corporate debt securities
Disclosure of financial assets [line items]
Notional amount	41,013	40,129
Total corporate debt securities | FVTPL
Disclosure of financial assets [line items]
Notional amount	33,394	32,149
Total corporate debt securities | FVOCI
Disclosure of financial assets [line items]
Notional amount	7,619	7,980
Asset-backed securities
Disclosure of financial assets [line items]
Notional amount	12,406	9,931
Asset-backed securities | FVTPL
Disclosure of financial assets [line items]
Notional amount	8,185	6,135
Asset-backed securities | FVOCI
Disclosure of financial assets [line items]
Notional amount	4,221	3,796
Total debt securities
Disclosure of financial assets [line items]
Notional amount	81,955	75,493
Total debt securities | FVTPL
Disclosure of financial assets [line items]
Notional amount	68,106	61,180
Total debt securities | FVOCI
Disclosure of financial assets [line items]
Notional amount	13,849	14,313
Financials | Total corporate debt securities
Disclosure of financial assets [line items]
Notional amount	11,552	11,060
Financials | Total corporate debt securities | FVTPL
Disclosure of financial assets [line items]
Notional amount	8,659	8,171
Financials | Total corporate debt securities | FVOCI
Disclosure of financial assets [line items]
Notional amount	2,893	2,889
Utilities | Total corporate debt securities
Disclosure of financial assets [line items]
Notional amount	7,622	7,059
Utilities | Total corporate debt securities | FVTPL
Disclosure of financial assets [line items]
Notional amount	6,859	6,244
Utilities | Total corporate debt securities | FVOCI
Disclosure of financial assets [line items]
Notional amount	763	815
Industrials | Total corporate debt securities
Disclosure of financial assets [line items]
Notional amount	5,375	5,489
Industrials | Total corporate debt securities | FVTPL
Disclosure of financial assets [line items]
Notional amount	4,424	4,510
Industrials | Total corporate debt securities | FVOCI
Disclosure of financial assets [line items]
Notional amount	951	979
Energy | Total corporate debt securities
Disclosure of financial assets [line items]
Notional amount	3,704	3,272
Energy | Total corporate debt securities | FVTPL
Disclosure of financial assets [line items]
Notional amount	3,258	2,793
Energy | Total corporate debt securities | FVOCI
Disclosure of financial assets [line items]
Notional amount	446	479
Communication services | Total corporate debt securities
Disclosure of financial assets [line items]
Notional amount	3,020	3,149
Communication services | Total corporate debt securities | FVTPL
Disclosure of financial assets [line items]
Notional amount	2,647	2,727
Communication services | Total corporate debt securities | FVOCI
Disclosure of financial assets [line items]
Notional amount	373	422
Real estate | Total corporate debt securities
Disclosure of financial assets [line items]
Notional amount	2,305	2,525
Real estate | Total corporate debt securities | FVTPL
Disclosure of financial assets [line items]
Notional amount	1,882	1,987
Real estate | Total corporate debt securities | FVOCI
Disclosure of financial assets [line items]
Notional amount	423	538
Health care | Total corporate debt securities
Disclosure of financial assets [line items]
Notional amount	2,007	2,038
Health care | Total corporate debt securities | FVTPL
Disclosure of financial assets [line items]
Notional amount	1,644	1,625
Health care | Total corporate debt securities | FVOCI
Disclosure of financial assets [line items]
Notional amount	363	413
Consumer staples | Total corporate debt securities
Disclosure of financial assets [line items]
Notional amount	1,557	1,805
Consumer staples | Total corporate debt securities | FVTPL
Disclosure of financial assets [line items]
Notional amount	1,301	1,490
Consumer staples | Total corporate debt securities | FVOCI
Disclosure of financial assets [line items]
Notional amount	256	315
Consumer discretionary | Total corporate debt securities
Disclosure of financial assets [line items]
Notional amount	1,758	1,726
Consumer discretionary | Total corporate debt securities | FVTPL
Disclosure of financial assets [line items]
Notional amount	1,011	950
Consumer discretionary | Total corporate debt securities | FVOCI
Disclosure of financial assets [line items]
Notional amount	747	776
Information technology | Total corporate debt securities
Disclosure of financial assets [line items]
Notional amount	1,092	904
Information technology | Total corporate debt securities | FVTPL
Disclosure of financial assets [line items]
Notional amount	890	730
Information technology | Total corporate debt securities | FVOCI
Disclosure of financial assets [line items]
Notional amount	202	174
Materials | Total corporate debt securities
Disclosure of financial assets [line items]
Notional amount	1,021	1,102
Materials | Total corporate debt securities | FVTPL
Disclosure of financial assets [line items]
Notional amount	819	922
Materials | Total corporate debt securities | FVOCI
Disclosure of financial assets [line items]
Notional amount	$ 202	$ 180

Financial Instrument Risk Man_7

Financial Instrument Risk Management - Mortgages and Loans by Geographic Location and Type (Details) - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Disclosure of detailed information about financial instruments [line items]
Carrying value	$ 178,698	$ 162,948
Mortgages
Disclosure of detailed information about financial instruments [line items]
Carrying value	14,438	14,145
Loans
Disclosure of detailed information about financial instruments [line items]
Carrying value	43,181	40,455
Total mortgages and loans
Disclosure of detailed information about financial instruments [line items]
Carrying value	57,619	54,600
Retail | Mortgages
Disclosure of detailed information about financial instruments [line items]
Carrying value	2,567	2,558
Office | Mortgages
Disclosure of detailed information about financial instruments [line items]
Carrying value	2,633	2,754
Multi-family residential | Mortgages
Disclosure of detailed information about financial instruments [line items]
Carrying value	4,499	4,839
Industrial | Mortgages
Disclosure of detailed information about financial instruments [line items]
Carrying value	3,683	2,954
Other | Mortgages
Disclosure of detailed information about financial instruments [line items]
Carrying value	1,056	1,040
Canada | Mortgages
Disclosure of detailed information about financial instruments [line items]
Carrying value	9,402	9,377
Canada | Mortgages | Canada Mortgage And Housing Corporation
Disclosure of detailed information about financial instruments [line items]
Carrying value	3,630	4,023
Canada | Loans
Disclosure of detailed information about financial instruments [line items]
Carrying value	12,560	12,924
Canada | Total mortgages and loans
Disclosure of detailed information about financial instruments [line items]
Carrying value	21,962	22,301
Canada | Retail | Mortgages
Disclosure of detailed information about financial instruments [line items]
Carrying value	1,398	1,376
Canada | Office | Mortgages
Disclosure of detailed information about financial instruments [line items]
Carrying value	1,385	1,500
Canada | Multi-family residential | Mortgages
Disclosure of detailed information about financial instruments [line items]
Carrying value	3,451	3,838
Canada | Industrial | Mortgages
Disclosure of detailed information about financial instruments [line items]
Carrying value	2,369	1,839
Canada | Other | Mortgages
Disclosure of detailed information about financial instruments [line items]
Carrying value	799	824
U.S. | Mortgages
Disclosure of detailed information about financial instruments [line items]
Carrying value	4,828	4,609
U.S. | Loans
Disclosure of detailed information about financial instruments [line items]
Carrying value	18,856	17,086
U.S. | Total mortgages and loans
Disclosure of detailed information about financial instruments [line items]
Carrying value	23,684	21,695
U.S. | Retail | Mortgages
Disclosure of detailed information about financial instruments [line items]
Carrying value	1,169	1,182
U.S. | Office | Mortgages
Disclosure of detailed information about financial instruments [line items]
Carrying value	1,248	1,254
U.S. | Multi-family residential | Mortgages
Disclosure of detailed information about financial instruments [line items]
Carrying value	1,048	1,001
U.S. | Industrial | Mortgages
Disclosure of detailed information about financial instruments [line items]
Carrying value	1,314	1,115
U.S. | Other | Mortgages
Disclosure of detailed information about financial instruments [line items]
Carrying value	49	57
United Kingdom | Mortgages
Disclosure of detailed information about financial instruments [line items]
Carrying value	208	159
United Kingdom | Loans
Disclosure of detailed information about financial instruments [line items]
Carrying value	4,478	4,089
United Kingdom | Total mortgages and loans
Disclosure of detailed information about financial instruments [line items]
Carrying value	4,686	4,248
United Kingdom | Retail | Mortgages
Disclosure of detailed information about financial instruments [line items]
Carrying value	0	0
United Kingdom | Office | Mortgages
Disclosure of detailed information about financial instruments [line items]
Carrying value	0	0
United Kingdom | Multi-family residential | Mortgages
Disclosure of detailed information about financial instruments [line items]
Carrying value	0	0
United Kingdom | Industrial | Mortgages
Disclosure of detailed information about financial instruments [line items]
Carrying value	0	0
United Kingdom | Other | Mortgages
Disclosure of detailed information about financial instruments [line items]
Carrying value	208	159
Other | Mortgages
Disclosure of detailed information about financial instruments [line items]
Carrying value	0	0
Other | Loans
Disclosure of detailed information about financial instruments [line items]
Carrying value	7,287	6,356
Other | Total mortgages and loans
Disclosure of detailed information about financial instruments [line items]
Carrying value	7,287	6,356
Other | Retail | Mortgages
Disclosure of detailed information about financial instruments [line items]
Carrying value	0	0
Other | Office | Mortgages
Disclosure of detailed information about financial instruments [line items]
Carrying value	0	0
Other | Multi-family residential | Mortgages
Disclosure of detailed information about financial instruments [line items]
Carrying value	0	0
Other | Industrial | Mortgages
Disclosure of detailed information about financial instruments [line items]
Carrying value	0	0
Other | Other | Mortgages
Disclosure of detailed information about financial instruments [line items]
Carrying value	$ 0	$ 0

Financial Instrument Risk Man_8

Financial Instrument Risk Management - Contractual and Scheduled Maturities of Debt Securities, Mortgages, and Loans (Details) - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items]
Carrying value	$ 178,698	$ 162,948
Debt securities
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items]
Carrying value	81,955	75,493
Debt securities | Due in 1 year or less
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items]
Carrying value	4,317	4,776
Debt securities | Due in years 2-5
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items]
Carrying value	16,229	15,035
Debt securities | Due in years 6-10
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items]
Carrying value	12,584	11,712
Debt securities | Due after 10 years
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items]
Carrying value	48,825	43,970
Mortgages
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items]
Carrying value	14,438	14,145
Loans
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items]
Carrying value	43,181	40,455
FVTPL | Debt securities
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items]
Carrying value	68,106	61,180
FVTPL | Debt securities | Due in 1 year or less
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items]
Carrying value	1,932	1,697
FVTPL | Debt securities | Due in years 2-5
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items]
Carrying value	9,733	8,763
FVTPL | Debt securities | Due in years 6-10
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items]
Carrying value	10,662	9,513
FVTPL | Debt securities | Due after 10 years
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items]
Carrying value	45,779	41,207
FVTPL | Mortgages
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items]
Carrying value	12,466	12,060
FVTPL | Mortgages | Due in 1 year or less
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items]
Carrying value	1,344	852
FVTPL | Mortgages | Due in years 2-5
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items]
Carrying value	5,745	5,605
FVTPL | Mortgages | Due in years 6-10
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items]
Carrying value	3,814	3,510
FVTPL | Mortgages | Due after 10 years
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items]
Carrying value	1,563	2,093
FVTPL | Loans
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items]
Carrying value	40,767	38,492
FVTPL | Loans | Due in 1 year or less
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items]
Carrying value	2,262	2,285
FVTPL | Loans | Due in years 2-5
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items]
Carrying value	7,863	6,768
FVTPL | Loans | Due in years 6-10
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items]
Carrying value	10,354	9,177
FVTPL | Loans | Due after 10 years
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items]
Carrying value	20,288	20,262
FVOCI | Debt securities
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items]
Carrying value	13,849	14,313
FVOCI | Debt securities | Due in 1 year or less
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items]
Carrying value	2,385	3,079
FVOCI | Debt securities | Due in years 2-5
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items]
Carrying value	6,496	6,272
FVOCI | Debt securities | Due in years 6-10
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items]
Carrying value	1,922	2,199
FVOCI | Debt securities | Due after 10 years
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items]
Carrying value	3,046	2,763
FVOCI | Mortgages
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items]
Carrying value	417	291
FVOCI | Mortgages | Due in 1 year or less
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items]
Carrying value	66	58
FVOCI | Mortgages | Due in years 2-5
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items]
Carrying value	340	222
FVOCI | Mortgages | Due in years 6-10
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items]
Carrying value	8	8
FVOCI | Mortgages | Due after 10 years
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items]
Carrying value	3	3
FVOCI | Loans
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items]
Carrying value	2,108	1,657
FVOCI | Loans | Due in 1 year or less
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items]
Carrying value	324	257
FVOCI | Loans | Due in years 2-5
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items]
Carrying value	1,240	966
FVOCI | Loans | Due in years 6-10
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items]
Carrying value	494	401
FVOCI | Loans | Due after 10 years
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items]
Carrying value	50	33
Amortized cost | Mortgages
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items]
Carrying value	1,555	1,795
Amortized cost | Mortgages | Due in 1 year or less
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items]
Carrying value	283	171
Amortized cost | Mortgages | Due in years 2-5
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items]
Carrying value	929	1,129
Amortized cost | Mortgages | Due in years 6-10
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items]
Carrying value	343	495
Amortized cost | Mortgages | Due after 10 years
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items]
Carrying value	0	0
Amortized cost | Loans
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items]
Carrying value	320	316
Amortized cost | Loans | Due in 1 year or less
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items]
Carrying value	100	126
Amortized cost | Loans | Due in years 2-5
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items]
Carrying value	199	163
Amortized cost | Loans | Due in years 6-10
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items]
Carrying value	21	27
Amortized cost | Loans | Due after 10 years
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items]
Carrying value	0	0
Gross carrying amount | Mortgages
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items]
Carrying value	14,438	14,146
Gross carrying amount | Mortgages | Due in 1 year or less
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items]
Carrying value	1,693	1,081
Gross carrying amount | Mortgages | Due in years 2-5
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items]
Carrying value	7,014	6,956
Gross carrying amount | Mortgages | Due in years 6-10
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items]
Carrying value	4,165	4,013
Gross carrying amount | Mortgages | Due after 10 years
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items]
Carrying value	1,566	2,096
Gross carrying amount | Loans
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items]
Carrying value	43,195	40,465
Gross carrying amount | Loans | Due in 1 year or less
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items]
Carrying value	2,686	2,668
Gross carrying amount | Loans | Due in years 2-5
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items]
Carrying value	9,302	7,897
Gross carrying amount | Loans | Due in years 6-10
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items]
Carrying value	10,869	9,605
Gross carrying amount | Loans | Due after 10 years
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items]
Carrying value	$ 20,338	$ 20,295

Financial Instrument Risk Man_9

Financial Instrument Risk Management - Notional Amount of Derivative Financial Instruments (Details)	12 Months Ended
	Dec. 31, 2024 CAD ($) $ / shares	Dec. 31, 2023 CAD ($) $ / shares
Disclosure of detailed information about financial instruments [line items]
Total notional amount		$ 9,159,000,000
Average exchange rates during the reporting periods (in USD per share) | $ / shares	1.37	1.35
Average price of hedging instrument	69	66
Interest rate swap contracts | Total designated as hedging instrument
Disclosure of detailed information about financial instruments [line items]
Average fixed rate	0.04	0.04
Foreign currency swap contracts | Total designated as hedging instrument
Disclosure of detailed information about financial instruments [line items]
Total notional amount	$ 902,000,000	$ 868,000,000
Equity price risk | Total designated as hedging instrument
Disclosure of detailed information about financial instruments [line items]
Total notional amount	188,000,000	168,000,000
Derivatives
Disclosure of detailed information about financial instruments [line items]
Total notional amount	$ 74,954,000,000	$ 70,421,000,000
Average exchange rates during the reporting periods (in USD per share)	1.42	1.56
Derivatives | Total designated as hedging instrument
Disclosure of detailed information about financial instruments [line items]
Total notional amount	$ 1,090,000,000	$ 1,036,000,000
Derivatives | Derivative investments
Disclosure of detailed information about financial instruments [line items]
Total notional amount	73,864,000,000	69,385,000,000
Under 1 Year | Foreign currency swap contracts | Total designated as hedging instrument
Disclosure of detailed information about financial instruments [line items]
Total notional amount	888,000,000	828,000,000
Under 1 Year | Equity price risk | Total designated as hedging instrument
Disclosure of detailed information about financial instruments [line items]
Total notional amount	60,000,000	54,000,000
Under 1 Year | Derivatives
Disclosure of detailed information about financial instruments [line items]
Total notional amount	29,307,000,000	28,416,000,000
Under 1 Year | Derivatives | Total designated as hedging instrument
Disclosure of detailed information about financial instruments [line items]
Total notional amount	948,000,000	882,000,000
Under 1 Year | Derivatives | Derivative investments
Disclosure of detailed information about financial instruments [line items]
Total notional amount	28,359,000,000	27,534,000,000
1 to 5 Years | Foreign currency swap contracts | Total designated as hedging instrument
Disclosure of detailed information about financial instruments [line items]
Total notional amount	0	40,000,000
1 to 5 Years | Equity price risk | Total designated as hedging instrument
Disclosure of detailed information about financial instruments [line items]
Total notional amount	128,000,000	114,000,000
1 to 5 Years | Derivatives
Disclosure of detailed information about financial instruments [line items]
Total notional amount	13,379,000,000	11,279,000,000
1 to 5 Years | Derivatives | Total designated as hedging instrument
Disclosure of detailed information about financial instruments [line items]
Total notional amount	128,000,000	154,000,000
1 to 5 Years | Derivatives | Derivative investments
Disclosure of detailed information about financial instruments [line items]
Total notional amount	13,251,000,000	11,125,000,000
Over 5 Years | Foreign currency swap contracts | Total designated as hedging instrument
Disclosure of detailed information about financial instruments [line items]
Total notional amount	14,000,000	0
Over 5 Years | Equity price risk | Total designated as hedging instrument
Disclosure of detailed information about financial instruments [line items]
Total notional amount	0	0
Over 5 Years | Derivatives
Disclosure of detailed information about financial instruments [line items]
Total notional amount	32,268,000,000	30,726,000,000
Over 5 Years | Derivatives | Total designated as hedging instrument
Disclosure of detailed information about financial instruments [line items]
Total notional amount	14,000,000	0
Over 5 Years | Derivatives | Derivative investments
Disclosure of detailed information about financial instruments [line items]
Total notional amount	$ 32,254,000,000	$ 30,726,000,000

Financial Instrument Risk Ma_10

Financial Instrument Risk Management - Fair Value of Derivative Instruments (Details) - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Disclosure of maturity analysis for derivative financial liabilities [line items]
Derivative assets	$ 1,971	$ 2,183
Derivative liabilities	(2,077)	(1,311)
Measured at fair value
Disclosure of maturity analysis for derivative financial liabilities [line items]
Derivative liabilities	(2,077)	(1,311)
Measured at fair value | Under 1 Year
Disclosure of maturity analysis for derivative financial liabilities [line items]
Derivative liabilities	(536)	(115)
Measured at fair value | 1 to 5 Years
Disclosure of maturity analysis for derivative financial liabilities [line items]
Derivative liabilities	(278)	(137)
Measured at fair value | Over 5 Years
Disclosure of maturity analysis for derivative financial liabilities [line items]
Derivative liabilities	(1,263)	(1,059)
Measured at fair value
Disclosure of maturity analysis for derivative financial liabilities [line items]
Derivative assets	1,971	2,183
Measured at fair value | Under 1 Year
Disclosure of maturity analysis for derivative financial liabilities [line items]
Derivative assets	227	337
Measured at fair value | 1 to 5 Years
Disclosure of maturity analysis for derivative financial liabilities [line items]
Derivative assets	271	266
Measured at fair value | Over 5 Years
Disclosure of maturity analysis for derivative financial liabilities [line items]
Derivative assets	$ 1,473	$ 1,580

Financial Instrument Risk Ma_11

Financial Instrument Risk Management - Derivative Financial Instruments by Counterparty Credit Rating (Details) - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Disclosure of external credit grades [line items]
Carrying value	$ 178,698	$ 162,948
Derivatives
Disclosure of external credit grades [line items]
Carrying value	1,971	2,183
Derivatives | Over-the-counter derivative contracts | Credit risk | Gross positive replacement cost
Disclosure of external credit grades [line items]
Carrying value	1,940	2,158
Derivatives | Over-the-counter derivative contracts | Credit risk | Gross positive replacement cost | AA Rating
Disclosure of external credit grades [line items]
Carrying value	494	472
Derivatives | Over-the-counter derivative contracts | Credit risk | Gross positive replacement cost | A Rating
Disclosure of external credit grades [line items]
Carrying value	1,438	1,686
Derivatives | Over-the-counter derivative contracts | Credit risk | Gross positive replacement cost | BBB Rating
Disclosure of external credit grades [line items]
Carrying value	8	0
Derivatives | Over-the-counter derivative contracts | Credit risk | Impact of master netting agreements
Disclosure of external credit grades [line items]
Carrying value	(1,043)	(739)
Derivatives | Over-the-counter derivative contracts | Credit risk | Impact of master netting agreements | AA Rating
Disclosure of external credit grades [line items]
Carrying value	(203)	(136)
Derivatives | Over-the-counter derivative contracts | Credit risk | Impact of master netting agreements | A Rating
Disclosure of external credit grades [line items]
Carrying value	(840)	(603)
Derivatives | Over-the-counter derivative contracts | Credit risk | Impact of master netting agreements | BBB Rating
Disclosure of external credit grades [line items]
Carrying value	0	0
Derivatives | Over-the-counter derivative contracts | Credit risk | Net replacement cost
Disclosure of external credit grades [line items]
Carrying value	897	1,419
Derivatives | Over-the-counter derivative contracts | Credit risk | Net replacement cost | AA Rating
Disclosure of external credit grades [line items]
Carrying value	291	336
Derivatives | Over-the-counter derivative contracts | Credit risk | Net replacement cost | A Rating
Disclosure of external credit grades [line items]
Carrying value	598	1,083
Derivatives | Over-the-counter derivative contracts | Credit risk | Net replacement cost | BBB Rating
Disclosure of external credit grades [line items]
Carrying value	8	0
Derivatives | Exchange-traded derivative contracts
Disclosure of external credit grades [line items]
Carrying value	$ 31	$ 25

Financial Instrument Risk Ma_12

Financial Instrument Risk Management - Credit Default Swaps by Underlying Financial Instrument Credit Rating (Details) - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Disclosure of external credit grades [line items]
Notional amount	$ 178,698	$ 162,948
Fair value	178,651	162,854
Credit default swap contract
Disclosure of external credit grades [line items]
Notional amount	1,483	1,031
Fair value	10	20
Total single name credit default swap contracts | Credit default swap contract
Disclosure of external credit grades [line items]
Notional amount	1,051	1,031
Fair value	20	20
Total single name credit default swap contracts | A Rating | Credit default swap contract
Disclosure of external credit grades [line items]
Notional amount	552	491
Fair value	7	5
Total single name credit default swap contracts | BBB Rating | Credit default swap contract
Disclosure of external credit grades [line items]
Notional amount	499	540
Fair value	13	15
Credit default swap index contracts | Credit default swap contract
Disclosure of external credit grades [line items]
Notional amount	432	0
Fair value	$ (10)	$ 0

Financial Instrument Risk Ma_13

Financial Instrument Risk Management - Reinsurance Counterparties Exposure by Credit Rating (Details) - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Disclosure of external credit grades [line items]
Carrying value	$ 178,698	$ 162,948
Credit risk | Gross exposure | Total reinsurance contract held assets
Disclosure of external credit grades [line items]
Carrying value	6,318	5,794
Credit risk | Gross exposure | AA or A | Total reinsurance contract held assets
Disclosure of external credit grades [line items]
Carrying value	3,670	3,550
Credit risk | Gross exposure | Below 'A' | Total reinsurance contract held assets
Disclosure of external credit grades [line items]
Carrying value	2,531	2,217
Credit risk | Gross exposure | Not rated | Total reinsurance contract held assets
Disclosure of external credit grades [line items]
Carrying value	117	27
Credit risk | Collateral | Total reinsurance contract held assets
Disclosure of external credit grades [line items]
Carrying value	2,471	2,147
Credit risk | Collateral | AA or A | Total reinsurance contract held assets
Disclosure of external credit grades [line items]
Carrying value	4	7
Credit risk | Collateral | Below 'A' | Total reinsurance contract held assets
Disclosure of external credit grades [line items]
Carrying value	2,416	2,135
Credit risk | Collateral | Not rated | Total reinsurance contract held assets
Disclosure of external credit grades [line items]
Carrying value	51	5
Credit risk | Net exposure | Total reinsurance contract held assets
Disclosure of external credit grades [line items]
Carrying value	$ 3,847	$ 3,647
Net exposure	100%	100%
Credit risk | Net exposure | AA or A | Total reinsurance contract held assets
Disclosure of external credit grades [line items]
Carrying value	$ 3,666	$ 3,543
Net exposure	95%	97%
Credit risk | Net exposure | Below 'A' | Total reinsurance contract held assets
Disclosure of external credit grades [line items]
Carrying value	$ 115	$ 82
Net exposure	3%	2%
Credit risk | Net exposure | Not rated | Total reinsurance contract held assets
Disclosure of external credit grades [line items]
Carrying value	$ 66	$ 22
Net exposure	2%	1%

Financial Instrument Risk Ma_14

Financial Instrument Risk Management - Key Macroeconomic Assumptions (Details) - $ / bbl	Dec. 31, 2024	Dec. 31, 2023
For the three months ended December 31, 2024 | U.S.
Disclosure of credit risk exposure [line items]
Gross Domestic Product	2,963,300,000,000,000%	2,253,800,000,000%
Unemployment Rate	4.20%	3.80%
BBB Bonds Spreads	1.20%	1.90%
For the three months ended December 31, 2024 | Canada
Disclosure of credit risk exposure [line items]
Gross Domestic Product	239,600,000,000,000%	220,100,000,000%
Unemployment Rate	6.70%	5.80%
Oil Price (in dollars per barrel)	76.10	85.60
Under 1 Year | U.S. | Base Case
Disclosure of credit risk exposure [line items]
Gross Domestic Product	4.20%	1.30%
Unemployment Rate	4.10%	4%
BBB Bonds Spreads	1.90%	2.20%
Under 1 Year | U.S. | Upside
Disclosure of credit risk exposure [line items]
Gross Domestic Product	5.80%	3.50%
Unemployment Rate	3.30%	3.10%
BBB Bonds Spreads	1.60%	1.90%
Under 1 Year | U.S. | Downside
Disclosure of credit risk exposure [line items]
Gross Domestic Product	(0.40%)	(2.40%)
Unemployment Rate	7.30%	6.70%
BBB Bonds Spreads	2.60%	3.10%
Under 1 Year | Canada | Base Case
Disclosure of credit risk exposure [line items]
Gross Domestic Product	1.90%	1.60%
Unemployment Rate	6.80%	6%
Oil Price (in dollars per barrel)	74.60	82.10
Under 1 Year | Canada | Upside
Disclosure of credit risk exposure [line items]
Gross Domestic Product	3.30%	3.60%
Unemployment Rate	6.50%	5.20%
Oil Price (in dollars per barrel)	79.20	84.70
Under 1 Year | Canada | Downside
Disclosure of credit risk exposure [line items]
Gross Domestic Product	(1.90%)	(2.10%)
Unemployment Rate	8.10%	8.20%
Oil Price (in dollars per barrel)	58.90	65.60
Remaining forecast period | U.S. | Base Case
Disclosure of credit risk exposure [line items]
Gross Domestic Product	4.30%	2.20%
Unemployment Rate	4%	4%
BBB Bonds Spreads	2%	2.10%
Remaining forecast period | U.S. | Upside
Disclosure of credit risk exposure [line items]
Gross Domestic Product	4.60%	2.40%
Unemployment Rate	3.30%	3.30%
BBB Bonds Spreads	2%	2.10%
Remaining forecast period | U.S. | Downside
Disclosure of credit risk exposure [line items]
Gross Domestic Product	3.80%	2.50%
Unemployment Rate	7.20%	6.70%
BBB Bonds Spreads	2.10%	2.10%
Remaining forecast period | Canada | Base Case
Disclosure of credit risk exposure [line items]
Gross Domestic Product	2%	1.90%
Unemployment Rate	6.50%	5.90%
Oil Price (in dollars per barrel)	72.10	71.40
Remaining forecast period | Canada | Upside
Disclosure of credit risk exposure [line items]
Gross Domestic Product	2.60%	2.30%
Unemployment Rate	6%	4.80%
Oil Price (in dollars per barrel)	74.60	71.80
Remaining forecast period | Canada | Downside
Disclosure of credit risk exposure [line items]
Gross Domestic Product	1.90%	1.60%
Unemployment Rate	9.30%	8.60%
Oil Price (in dollars per barrel)	62.60	61

Financial Instrument Risk Ma_15

Financial Instrument Risk Management - Changes in Allowances for Losses (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Reconciliation of changes in allowance for expected credit losses
Beginning balance	$ 162,948
Ending balance	178,698	$ 162,948
Debt securities | Accumulated impairment
Reconciliation of changes in allowance for expected credit losses
Beginning balance	32	32
New originations or purchases	9	9
Derecognition or maturities	(11)	(6)
Net remeasurement	(4)	(3)
Ending balance	26	32
Debt securities | Financial instruments not credit-impaired | Accumulated impairment | 12-month expected credit losses
Reconciliation of changes in allowance for expected credit losses
Beginning balance	30	30
New originations or purchases	9	9
Derecognition or maturities	(10)	(6)
Net remeasurement	(4)	(3)
Ending balance	25	30
Debt securities | Financial instruments not credit-impaired | Accumulated impairment | Lifetime expected credit losses
Reconciliation of changes in allowance for expected credit losses
Beginning balance	2	2
New originations or purchases	0	0
Derecognition or maturities	(1)	0
Net remeasurement	0	0
Ending balance	1	2
Debt securities | Financial instruments credit-impaired | Accumulated impairment | Lifetime expected credit losses
Reconciliation of changes in allowance for expected credit losses
Beginning balance	0	0
New originations or purchases	0	0
Derecognition or maturities	0	0
Net remeasurement	0	0
Ending balance	0	0
Total mortgages and loans
Reconciliation of changes in allowance for expected credit losses
Beginning balance	54,600
Ending balance	57,619	54,600
Total mortgages and loans | Accumulated impairment
Reconciliation of changes in allowance for expected credit losses
Beginning balance	57	43
New originations or purchases	5	5
Derecognition or maturities	(1)	0
Net remeasurement	6	9
Write-offs, net of recoveries, and other adjustments	(5)	0
Ending balance	62	57
Total mortgages and loans | Financial instruments not credit-impaired | Accumulated impairment | 12-month expected credit losses
Reconciliation of changes in allowance for expected credit losses
Beginning balance	8	4
New originations or purchases	4	5
Derecognition or maturities	(1)	0
Net remeasurement	(5)	(1)
Write-offs, net of recoveries, and other adjustments	0	0
Ending balance	6	8
Total mortgages and loans | Financial instruments not credit-impaired | Accumulated impairment | Lifetime expected credit losses
Reconciliation of changes in allowance for expected credit losses
Beginning balance	0	0
New originations or purchases	1	0
Derecognition or maturities	0	0
Net remeasurement	0	0
Write-offs, net of recoveries, and other adjustments	0	0
Ending balance	1	0
Total mortgages and loans | Financial instruments credit-impaired | Accumulated impairment | Lifetime expected credit losses
Reconciliation of changes in allowance for expected credit losses
Beginning balance	49	39
New originations or purchases	0	0
Derecognition or maturities	0	0
Net remeasurement	11	10
Write-offs, net of recoveries, and other adjustments	(5)	0
Ending balance	$ 55	$ 49

Financial Instrument Risk Ma_16

Financial Instrument Risk Management - Credit Risk Exposure By Internal Rating (Details) - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disclosure of credit risk exposure [line items]
Notional amount	$ 178,698	$ 162,948
Mortgages and loans
Disclosure of credit risk exposure [line items]
Notional amount	57,619	54,600
Amortized cost | Mortgages and loans
Disclosure of credit risk exposure [line items]
Notional amount	1,861	2,100
Amortized cost | Mortgages and loans | 12-month expected credit losses | Financial instruments not credit-impaired
Disclosure of credit risk exposure [line items]
Notional amount	1,790	2,045
Amortized cost | Mortgages and loans | Lifetime expected credit losses | Financial instruments not credit-impaired
Disclosure of credit risk exposure [line items]
Notional amount	49	50
Amortized cost | Mortgages and loans | Lifetime expected credit losses | Financial instruments credit-impaired
Disclosure of credit risk exposure [line items]
Notional amount	22	5
Gross carrying amount | Amortized cost | Mortgages and loans
Disclosure of credit risk exposure [line items]
Notional amount	1,875	2,111
Gross carrying amount | Amortized cost | Mortgages and loans | 12-month expected credit losses | Financial instruments not credit-impaired
Disclosure of credit risk exposure [line items]
Notional amount	1,791	2,046
Gross carrying amount | Amortized cost | Mortgages and loans | Lifetime expected credit losses | Financial instruments not credit-impaired
Disclosure of credit risk exposure [line items]
Notional amount	49	50
Gross carrying amount | Amortized cost | Mortgages and loans | Lifetime expected credit losses | Financial instruments credit-impaired
Disclosure of credit risk exposure [line items]
Notional amount	35	15
Gross carrying amount | Amortized cost | Mortgages and loans | Investment grade
Disclosure of credit risk exposure [line items]
Notional amount	1,832	2,071
Gross carrying amount | Amortized cost | Mortgages and loans | Investment grade | 12-month expected credit losses | Financial instruments not credit-impaired
Disclosure of credit risk exposure [line items]
Notional amount	1,791	2,046
Gross carrying amount | Amortized cost | Mortgages and loans | Investment grade | Lifetime expected credit losses | Financial instruments not credit-impaired
Disclosure of credit risk exposure [line items]
Notional amount	41	25
Gross carrying amount | Amortized cost | Mortgages and loans | Investment grade | Lifetime expected credit losses | Financial instruments credit-impaired
Disclosure of credit risk exposure [line items]
Notional amount	0	0
Gross carrying amount | Amortized cost | Mortgages and loans | Non-investment grade
Disclosure of credit risk exposure [line items]
Notional amount	8	25
Gross carrying amount | Amortized cost | Mortgages and loans | Non-investment grade | 12-month expected credit losses | Financial instruments not credit-impaired
Disclosure of credit risk exposure [line items]
Notional amount	0	0
Gross carrying amount | Amortized cost | Mortgages and loans | Non-investment grade | Lifetime expected credit losses | Financial instruments not credit-impaired
Disclosure of credit risk exposure [line items]
Notional amount	8	25
Gross carrying amount | Amortized cost | Mortgages and loans | Non-investment grade | Lifetime expected credit losses | Financial instruments credit-impaired
Disclosure of credit risk exposure [line items]
Notional amount	0	0
Gross carrying amount | Amortized cost | Mortgages and loans | Impaired
Disclosure of credit risk exposure [line items]
Notional amount	35	15
Gross carrying amount | Amortized cost | Mortgages and loans | Impaired | 12-month expected credit losses | Financial instruments not credit-impaired
Disclosure of credit risk exposure [line items]
Notional amount	0	0
Gross carrying amount | Amortized cost | Mortgages and loans | Impaired | Lifetime expected credit losses | Financial instruments not credit-impaired
Disclosure of credit risk exposure [line items]
Notional amount	0	0
Gross carrying amount | Amortized cost | Mortgages and loans | Impaired | Lifetime expected credit losses | Financial instruments credit-impaired
Disclosure of credit risk exposure [line items]
Notional amount	35	15
Gross carrying amount | FVOCI | Mortgages and loans
Disclosure of credit risk exposure [line items]
Notional amount	2,525	1,948
Gross carrying amount | FVOCI | Mortgages and loans | 12-month expected credit losses | Financial instruments not credit-impaired
Disclosure of credit risk exposure [line items]
Notional amount	2,490	1,889
Gross carrying amount | FVOCI | Mortgages and loans | Lifetime expected credit losses | Financial instruments not credit-impaired
Disclosure of credit risk exposure [line items]
Notional amount	27	57
Gross carrying amount | FVOCI | Mortgages and loans | Lifetime expected credit losses | Financial instruments credit-impaired
Disclosure of credit risk exposure [line items]
Notional amount	8	2
Gross carrying amount | FVOCI | Mortgages and loans | Investment grade
Disclosure of credit risk exposure [line items]
Notional amount	2,447	1,818
Gross carrying amount | FVOCI | Mortgages and loans | Investment grade | 12-month expected credit losses | Financial instruments not credit-impaired
Disclosure of credit risk exposure [line items]
Notional amount	2,433	1,806
Gross carrying amount | FVOCI | Mortgages and loans | Investment grade | Lifetime expected credit losses | Financial instruments not credit-impaired
Disclosure of credit risk exposure [line items]
Notional amount	14	12
Gross carrying amount | FVOCI | Mortgages and loans | Investment grade | Lifetime expected credit losses | Financial instruments credit-impaired
Disclosure of credit risk exposure [line items]
Notional amount	0	0
Gross carrying amount | FVOCI | Mortgages and loans | Non-investment grade
Disclosure of credit risk exposure [line items]
Notional amount	70	128
Gross carrying amount | FVOCI | Mortgages and loans | Non-investment grade | 12-month expected credit losses | Financial instruments not credit-impaired
Disclosure of credit risk exposure [line items]
Notional amount	57	83
Gross carrying amount | FVOCI | Mortgages and loans | Non-investment grade | Lifetime expected credit losses | Financial instruments not credit-impaired
Disclosure of credit risk exposure [line items]
Notional amount	13	45
Gross carrying amount | FVOCI | Mortgages and loans | Non-investment grade | Lifetime expected credit losses | Financial instruments credit-impaired
Disclosure of credit risk exposure [line items]
Notional amount	0	0
Gross carrying amount | FVOCI | Mortgages and loans | Impaired
Disclosure of credit risk exposure [line items]
Notional amount	8	2
Gross carrying amount | FVOCI | Mortgages and loans | Impaired | 12-month expected credit losses | Financial instruments not credit-impaired
Disclosure of credit risk exposure [line items]
Notional amount	0	0
Gross carrying amount | FVOCI | Mortgages and loans | Impaired | Lifetime expected credit losses | Financial instruments not credit-impaired
Disclosure of credit risk exposure [line items]
Notional amount	0	0
Gross carrying amount | FVOCI | Mortgages and loans | Impaired | Lifetime expected credit losses | Financial instruments credit-impaired
Disclosure of credit risk exposure [line items]
Notional amount	8	2
Gross carrying amount | FVOCI | Debt securities
Disclosure of credit risk exposure [line items]
Notional amount	13,849	14,313
Gross carrying amount | FVOCI | Debt securities | 12-month expected credit losses | Financial instruments not credit-impaired
Disclosure of credit risk exposure [line items]
Notional amount	13,829	14,223
Gross carrying amount | FVOCI | Debt securities | Lifetime expected credit losses | Financial instruments not credit-impaired
Disclosure of credit risk exposure [line items]
Notional amount	20	90
Gross carrying amount | FVOCI | Debt securities | Lifetime expected credit losses | Financial instruments credit-impaired
Disclosure of credit risk exposure [line items]
Notional amount	0	0
Gross carrying amount | FVOCI | Debt securities | Investment grade
Disclosure of credit risk exposure [line items]
Notional amount	13,667	13,888
Gross carrying amount | FVOCI | Debt securities | Investment grade | 12-month expected credit losses | Financial instruments not credit-impaired
Disclosure of credit risk exposure [line items]
Notional amount	13,649	13,834
Gross carrying amount | FVOCI | Debt securities | Investment grade | Lifetime expected credit losses | Financial instruments not credit-impaired
Disclosure of credit risk exposure [line items]
Notional amount	18	54
Gross carrying amount | FVOCI | Debt securities | Investment grade | Lifetime expected credit losses | Financial instruments credit-impaired
Disclosure of credit risk exposure [line items]
Notional amount	0	0
Gross carrying amount | FVOCI | Debt securities | Non-investment grade
Disclosure of credit risk exposure [line items]
Notional amount	182	425
Gross carrying amount | FVOCI | Debt securities | Non-investment grade | 12-month expected credit losses | Financial instruments not credit-impaired
Disclosure of credit risk exposure [line items]
Notional amount	180	389
Gross carrying amount | FVOCI | Debt securities | Non-investment grade | Lifetime expected credit losses | Financial instruments not credit-impaired
Disclosure of credit risk exposure [line items]
Notional amount	2	36
Gross carrying amount | FVOCI | Debt securities | Non-investment grade | Lifetime expected credit losses | Financial instruments credit-impaired
Disclosure of credit risk exposure [line items]
Notional amount	0	0
Accumulated impairment | Mortgages and loans
Disclosure of credit risk exposure [line items]
Notional amount	62	57	$ 43
Accumulated impairment | Mortgages and loans | 12-month expected credit losses | Financial instruments not credit-impaired
Disclosure of credit risk exposure [line items]
Notional amount	6	8	4
Accumulated impairment | Mortgages and loans | Lifetime expected credit losses | Financial instruments not credit-impaired
Disclosure of credit risk exposure [line items]
Notional amount	1	0	0
Accumulated impairment | Mortgages and loans | Lifetime expected credit losses | Financial instruments credit-impaired
Disclosure of credit risk exposure [line items]
Notional amount	55	49	39
Accumulated impairment | Debt securities
Disclosure of credit risk exposure [line items]
Notional amount	26	32	32
Accumulated impairment | Debt securities | 12-month expected credit losses | Financial instruments not credit-impaired
Disclosure of credit risk exposure [line items]
Notional amount	25	30	30
Accumulated impairment | Debt securities | Lifetime expected credit losses | Financial instruments not credit-impaired
Disclosure of credit risk exposure [line items]
Notional amount	1	2	2
Accumulated impairment | Debt securities | Lifetime expected credit losses | Financial instruments credit-impaired
Disclosure of credit risk exposure [line items]
Notional amount	0	0	$ 0
Accumulated impairment | Amortized cost | Mortgages and loans
Disclosure of credit risk exposure [line items]
Notional amount	14	11
Accumulated impairment | Amortized cost | Mortgages and loans | 12-month expected credit losses | Financial instruments not credit-impaired
Disclosure of credit risk exposure [line items]
Notional amount	1	1
Accumulated impairment | Amortized cost | Mortgages and loans | Lifetime expected credit losses | Financial instruments not credit-impaired
Disclosure of credit risk exposure [line items]
Notional amount	0	0
Accumulated impairment | Amortized cost | Mortgages and loans | Lifetime expected credit losses | Financial instruments credit-impaired
Disclosure of credit risk exposure [line items]
Notional amount	$ 13	$ 10

Financial Instrument Risk Ma_17

Financial Instrument Risk Management - Equities by Issuer Country (Details) - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Disclosure of detailed information about financial instruments [line items]
Notional amount	$ 178,698	$ 162,948
Other invested assets
Disclosure of detailed information about financial instruments [line items]
Notional amount	9,974	7,138
Other invested assets | FVTPL
Disclosure of detailed information about financial instruments [line items]
Notional amount	9,900	7,070
Other invested assets | FVOCI
Disclosure of detailed information about financial instruments [line items]
Notional amount	74	68
Canada | Other invested assets
Disclosure of detailed information about financial instruments [line items]
Notional amount	3,821	3,081
Canada | Other invested assets | FVTPL
Disclosure of detailed information about financial instruments [line items]
Notional amount	3,821	3,081
Canada | Other invested assets | FVOCI
Disclosure of detailed information about financial instruments [line items]
Notional amount	0	0
U.S. | Other invested assets
Disclosure of detailed information about financial instruments [line items]
Notional amount	2,674	2,253
U.S. | Other invested assets | FVTPL
Disclosure of detailed information about financial instruments [line items]
Notional amount	2,600	2,185
U.S. | Other invested assets | FVOCI
Disclosure of detailed information about financial instruments [line items]
Notional amount	74	68
United Kingdom | Other invested assets
Disclosure of detailed information about financial instruments [line items]
Notional amount	71	105
United Kingdom | Other invested assets | FVTPL
Disclosure of detailed information about financial instruments [line items]
Notional amount	71	105
United Kingdom | Other invested assets | FVOCI
Disclosure of detailed information about financial instruments [line items]
Notional amount	0	0
Other | Other invested assets
Disclosure of detailed information about financial instruments [line items]
Notional amount	3,408	1,699
Other | Other invested assets | FVTPL
Disclosure of detailed information about financial instruments [line items]
Notional amount	3,408	1,699
Other | Other invested assets | FVOCI
Disclosure of detailed information about financial instruments [line items]
Notional amount	$ 0	$ 0

Financial Instrument Risk Ma_18

Financial Instrument Risk Management - Risk Sensitivities (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 CAD ($)	Dec. 31, 2023 CAD ($)
Disclosure of credit risk exposure [line items]
Impact of re-balancing equity hedges, 10% change in equity markets	0.02
Impact of re-balancing equity hedges, 10% change in equity markets	0.05
Increments of rounding	$ 25
Impact of re-balancing interest rate hedges, 50bps change in interest rates	0.0010
25% decrease | Equity price risk
Disclosure of credit risk exposure [line items]
Risk exposure associated with instruments sharing characteristic	$ (550)	$ (400)
10% decrease | Equity price risk
Disclosure of credit risk exposure [line items]
Risk exposure associated with instruments sharing characteristic	(225)	(175)
10% decrease | Real estate sensitivities | FVTPL
Disclosure of credit risk exposure [line items]
Risk exposure associated with instruments sharing characteristic	(450)	(475)
10% increase | Equity price risk
Disclosure of credit risk exposure [line items]
Risk exposure associated with instruments sharing characteristic	225	175
10% increase | Real estate sensitivities | FVTPL
Disclosure of credit risk exposure [line items]
Risk exposure associated with instruments sharing characteristic	450	475
25% increase | Equity price risk
Disclosure of credit risk exposure [line items]
Risk exposure associated with instruments sharing characteristic	575	425
50 basis point decrease | Interest rate risk | FVTPL
Disclosure of credit risk exposure [line items]
Risk exposure associated with instruments sharing characteristic	(50)	(25)
50 basis point decrease | Interest rate risk | FVOCI
Disclosure of credit risk exposure [line items]
Risk exposure associated with instruments sharing characteristic	200	200
50 basis point decrease | Credit risk | FVTPL
Disclosure of credit risk exposure [line items]
Risk exposure associated with instruments sharing characteristic	75	50
50 basis point decrease | Credit risk | FVOCI
Disclosure of credit risk exposure [line items]
Risk exposure associated with instruments sharing characteristic	200	200
50 basis point increase | Interest rate risk | FVTPL
Disclosure of credit risk exposure [line items]
Risk exposure associated with instruments sharing characteristic	25	50
50 basis point increase | Interest rate risk | FVOCI
Disclosure of credit risk exposure [line items]
Risk exposure associated with instruments sharing characteristic	(200)	(200)
50 basis point increase | Credit risk | FVTPL
Disclosure of credit risk exposure [line items]
Risk exposure associated with instruments sharing characteristic	(50)	(50)
50 basis point increase | Credit risk | FVOCI
Disclosure of credit risk exposure [line items]
Risk exposure associated with instruments sharing characteristic	(200)	(175)
20 basis point decrease | Swap spread sensitivities | FVTPL
Disclosure of credit risk exposure [line items]
Risk exposure associated with instruments sharing characteristic	(25)	(25)
20 basis point increase | Swap spread sensitivities | FVTPL
Disclosure of credit risk exposure [line items]
Risk exposure associated with instruments sharing characteristic	$ 25	$ 25

Financial Instrument Risk Ma_19

Financial Instrument Risk Management - Maturity Analysis for Insurance Contracts (Details) - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disclosure of credit risk exposure [line items]
Insurance contract assets	$ 355	$ 184
Insurance contract liabilities	167,366	154,710
Reinsurance contracts held that are assets	6,318	5,794
Reinsurance contract held liabilities	1,825	1,623
Insurance
Disclosure of credit risk exposure [line items]
Insurance contract assets	355	184	$ 75
Insurance contract liabilities	147,269	135,669	131,294
Net insurance contract liabilities	146,914	135,485	131,219
Reinsurance contracts held
Disclosure of credit risk exposure [line items]
Insurance contract assets	6,318	5,794	6,115
Insurance contract liabilities	1,825	1,623	1,603
Net insurance contract liabilities	(4,493)	(4,171)	$ (4,512)
Reinsurance contracts held | Financial assets
Disclosure of credit risk exposure [line items]
Amounts payable on demand	(29)	(33)
Financial liabilities | Insurance
Disclosure of credit risk exposure [line items]
Amounts payable on demand	5,177	4,800
Estimates of PV of future cash flows
Disclosure of credit risk exposure [line items]
Insurance contract assets	5,676	4,840
Insurance contract liabilities	756,186	583,616
Net insurance contract liabilities	750,510	578,776
Reinsurance contracts held that are assets	13,024	12,208
Reinsurance contract held liabilities	5,290	5,533
Net reinsurance contract held assets	(7,734)	(6,675)
Estimates of PV of future cash flows | Due in 1 year or less
Disclosure of credit risk exposure [line items]
Insurance contract assets	633	463
Insurance contract liabilities	11,269	11,428
Net insurance contract liabilities	10,636	10,965
Reinsurance contracts held that are assets	847	520
Reinsurance contract held liabilities	110	140
Net reinsurance contract held assets	(737)	(380)
Estimates of PV of future cash flows | 1 Year to 2 Years
Disclosure of credit risk exposure [line items]
Insurance contract assets	332	323
Insurance contract liabilities	3,254	3,670
Net insurance contract liabilities	2,922	3,347
Reinsurance contracts held that are assets	652	54
Reinsurance contract held liabilities	99	83
Net reinsurance contract held assets	(553)	29
Estimates of PV of future cash flows | 2 Years to 3 Years
Disclosure of credit risk exposure [line items]
Insurance contract assets	272	276
Insurance contract liabilities	3,363	3,887
Net insurance contract liabilities	3,091	3,611
Reinsurance contracts held that are assets	685	69
Reinsurance contract held liabilities	101	88
Net reinsurance contract held assets	(584)	19
Estimates of PV of future cash flows | 3 Years to 4 Years
Disclosure of credit risk exposure [line items]
Insurance contract assets	263	248
Insurance contract liabilities	4,059	4,128
Net insurance contract liabilities	3,796	3,880
Reinsurance contracts held that are assets	707	105
Reinsurance contract held liabilities	104	91
Net reinsurance contract held assets	(603)	(14)
Estimates of PV of future cash flows | 4 Years to 5 Years
Disclosure of credit risk exposure [line items]
Insurance contract assets	241	225
Insurance contract liabilities	5,211	4,451
Net insurance contract liabilities	4,970	4,226
Reinsurance contracts held that are assets	728	130
Reinsurance contract held liabilities	107	95
Net reinsurance contract held assets	(621)	(35)
Estimates of PV of future cash flows | Over 5 Years
Disclosure of credit risk exposure [line items]
Insurance contract assets	3,935	3,305
Insurance contract liabilities	729,030	556,052
Net insurance contract liabilities	725,095	552,747
Reinsurance contracts held that are assets	9,405	11,330
Reinsurance contract held liabilities	4,769	5,036
Net reinsurance contract held assets	$ (4,636)	$ (6,294)

Financial Instrument Risk Ma_20

Financial Instrument Risk Management - Maturity Analysis, Other Financial Liabilities (Details) - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Disclosure of financial liabilities [line items]
Non-derivative financial liabilities	$ 41,323	$ 40,331
Contractual capital commitments	4,857	4,909
Financial liabilities	21,287	18,902
Due in 1 year or less
Disclosure of financial liabilities [line items]
Non-derivative financial liabilities	24,216	22,559
Contractual capital commitments	1,242	39
1 Year to 3 Years
Disclosure of financial liabilities [line items]
Non-derivative financial liabilities	3,957	4,263
Contractual capital commitments	985	1,199
3 Years to 5 Years
Disclosure of financial liabilities [line items]
Non-derivative financial liabilities	2,859	2,826
Contractual capital commitments	576	915
Over 5 Years
Disclosure of financial liabilities [line items]
Non-derivative financial liabilities	10,291	10,683
Contractual capital commitments	2,054	2,756
Investment contract liabilities
Disclosure of financial liabilities [line items]
Non-derivative financial liabilities	11,613	11,415
Investment contract liabilities | Due in 1 year or less
Disclosure of financial liabilities [line items]
Non-derivative financial liabilities	6,157	5,728
Investment contract liabilities | 1 Year to 3 Years
Disclosure of financial liabilities [line items]
Non-derivative financial liabilities	2,351	2,518
Investment contract liabilities | 3 Years to 5 Years
Disclosure of financial liabilities [line items]
Non-derivative financial liabilities	1,413	1,442
Investment contract liabilities | Over 5 Years
Disclosure of financial liabilities [line items]
Non-derivative financial liabilities	1,692	1,727
Senior debentures and unsecured financing
Disclosure of financial liabilities [line items]
Non-derivative financial liabilities	2,708	2,936
Senior debentures and unsecured financing | Due in 1 year or less
Disclosure of financial liabilities [line items]
Non-derivative financial liabilities	2,133	2,347
Senior debentures and unsecured financing | 1 Year to 3 Years
Disclosure of financial liabilities [line items]
Non-derivative financial liabilities	28	28
Senior debentures and unsecured financing | 3 Years to 5 Years
Disclosure of financial liabilities [line items]
Non-derivative financial liabilities	28	28
Senior debentures and unsecured financing | Over 5 Years
Disclosure of financial liabilities [line items]
Non-derivative financial liabilities	519	533
Subordinated debt
Disclosure of financial liabilities [line items]
Non-derivative financial liabilities	8,509	8,360
Subordinated debt | Due in 1 year or less
Disclosure of financial liabilities [line items]
Non-derivative financial liabilities	225	204
Subordinated debt | 1 Year to 3 Years
Disclosure of financial liabilities [line items]
Non-derivative financial liabilities	451	410
Subordinated debt | 3 Years to 5 Years
Disclosure of financial liabilities [line items]
Non-derivative financial liabilities	585	554
Subordinated debt | Over 5 Years
Disclosure of financial liabilities [line items]
Non-derivative financial liabilities	7,248	7,192
Bond repurchase agreements
Disclosure of financial liabilities [line items]
Non-derivative financial liabilities	2,840	2,705
Bond repurchase agreements | Due in 1 year or less
Disclosure of financial liabilities [line items]
Non-derivative financial liabilities	2,840	2,705
Bond repurchase agreements | 1 Year to 3 Years
Disclosure of financial liabilities [line items]
Non-derivative financial liabilities	0	0
Bond repurchase agreements | 3 Years to 5 Years
Disclosure of financial liabilities [line items]
Non-derivative financial liabilities	0	0
Bond repurchase agreements | Over 5 Years
Disclosure of financial liabilities [line items]
Non-derivative financial liabilities	0	0
Accounts payable and accrued expenses
Disclosure of financial liabilities [line items]
Non-derivative financial liabilities	10,085	8,665
Accounts payable and accrued expenses | Due in 1 year or less
Disclosure of financial liabilities [line items]
Non-derivative financial liabilities	10,085	8,665
Accounts payable and accrued expenses | 1 Year to 3 Years
Disclosure of financial liabilities [line items]
Non-derivative financial liabilities	0	0
Accounts payable and accrued expenses | 3 Years to 5 Years
Disclosure of financial liabilities [line items]
Non-derivative financial liabilities	0	0
Accounts payable and accrued expenses | Over 5 Years
Disclosure of financial liabilities [line items]
Non-derivative financial liabilities	0	0
Lease liabilities
Disclosure of financial liabilities [line items]
Non-derivative financial liabilities	1,056	1,269
Lease liabilities | Due in 1 year or less
Disclosure of financial liabilities [line items]
Non-derivative financial liabilities	166	188
Lease liabilities | 1 Year to 3 Years
Disclosure of financial liabilities [line items]
Non-derivative financial liabilities	262	319
Lease liabilities | 3 Years to 5 Years
Disclosure of financial liabilities [line items]
Non-derivative financial liabilities	207	228
Lease liabilities | Over 5 Years
Disclosure of financial liabilities [line items]
Non-derivative financial liabilities	421	534
Secured borrowings from mortgage securitization
Disclosure of financial liabilities [line items]
Non-derivative financial liabilities	1,981	2,286
Secured borrowings from mortgage securitization | Due in 1 year or less
Disclosure of financial liabilities [line items]
Non-derivative financial liabilities	461	306
Secured borrowings from mortgage securitization | 1 Year to 3 Years
Disclosure of financial liabilities [line items]
Non-derivative financial liabilities	758	885
Secured borrowings from mortgage securitization | 3 Years to 5 Years
Disclosure of financial liabilities [line items]
Non-derivative financial liabilities	382	560
Secured borrowings from mortgage securitization | Over 5 Years
Disclosure of financial liabilities [line items]
Non-derivative financial liabilities	380	535
Borrowed funds
Disclosure of financial liabilities [line items]
Non-derivative financial liabilities	405	365
Borrowed funds | Due in 1 year or less
Disclosure of financial liabilities [line items]
Non-derivative financial liabilities	23	86
Borrowed funds | 1 Year to 3 Years
Disclosure of financial liabilities [line items]
Non-derivative financial liabilities	107	103
Borrowed funds | 3 Years to 5 Years
Disclosure of financial liabilities [line items]
Non-derivative financial liabilities	244	14
Borrowed funds | Over 5 Years
Disclosure of financial liabilities [line items]
Non-derivative financial liabilities	31	162
Credit facilities
Disclosure of financial liabilities [line items]
Non-derivative financial liabilities	2,126	2,330
Credit facilities | Due in 1 year or less
Disclosure of financial liabilities [line items]
Non-derivative financial liabilities	2,126	2,330
Credit facilities | 1 Year to 3 Years
Disclosure of financial liabilities [line items]
Non-derivative financial liabilities	0	0
Credit facilities | 3 Years to 5 Years
Disclosure of financial liabilities [line items]
Non-derivative financial liabilities	0	0
Credit facilities | Over 5 Years
Disclosure of financial liabilities [line items]
Non-derivative financial liabilities	0	0
Contractual loans, equities and mortgages
Disclosure of financial liabilities [line items]
Contractual capital commitments	4,857	4,909
Contractual loans, equities and mortgages | Due in 1 year or less
Disclosure of financial liabilities [line items]
Contractual capital commitments	1,242	39
Contractual loans, equities and mortgages | 1 Year to 3 Years
Disclosure of financial liabilities [line items]
Contractual capital commitments	985	1,199
Contractual loans, equities and mortgages | 3 Years to 5 Years
Disclosure of financial liabilities [line items]
Contractual capital commitments	576	915
Contractual loans, equities and mortgages | Over 5 Years
Disclosure of financial liabilities [line items]
Contractual capital commitments	$ 2,054	$ 2,756

Insurance Risk Management (Deta

Insurance Risk Management (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Deferred in CSM	$ 30	$ 318
Income impact	86	90
Increments of rounding	25
Policyholder behaviour risk
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Deferred in CSM	(152)	(274)
Income impact	(74)	(75)
Expense
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Deferred in CSM	(26)	(171)
Income impact	$ (36)	10
Insurance risk | Policyholder behaviour risk
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Sensitivity, increase	10%
Sensitivity, decrease	10%
Insurance risk | Policyholder behaviour risk | Insurance
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Deferred in CSM	$ (625)	(725)
Income impact	25	100
Insurance risk | Policyholder behaviour risk | Reinsurance contracts held
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Deferred in CSM	(800)	(950)
Income impact	$ (25)	100
Insurance risk | Life mortality rates
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Sensitivity, increase	2%
Insurance risk | Life mortality rates | Insurance
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Deferred in CSM	$ (350)	(425)
Income impact	(50)	25
Insurance risk | Life mortality rates | Reinsurance contracts held
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Deferred in CSM	25	(75)
Income impact	$ (75)	(25)
Insurance risk | Annuity mortality rates
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Sensitivity, decrease	2%
Insurance risk | Annuity mortality rates | Insurance
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Deferred in CSM	$ (200)	(175)
Income impact	0	25
Insurance risk | Annuity mortality rates | Reinsurance contracts held
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Deferred in CSM	(175)	(175)
Income impact	$ 0	0
Insurance risk | Morbidity rates
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Sensitivity, increase	500%
Sensitivity, decrease	500%
Insurance risk | Morbidity rates | Insurance
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Deferred in CSM	$ (250)	(225)
Income impact	(250)	(200)
Insurance risk | Morbidity rates | Reinsurance contracts held
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Deferred in CSM	(125)	(100)
Income impact	$ (225)	(175)
Insurance risk | Expense
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Sensitivity, increase	5%
Insurance risk | Expense | Insurance
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Deferred in CSM	$ (150)	(175)
Income impact	(25)	0
Insurance risk | Expense | Reinsurance contracts held
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Deferred in CSM	(150)	(175)
Income impact	$ (25)	$ 0

Other Assets (Details)

Other Assets (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Subclassifications of assets, liabilities and equities [abstract]
Accounts receivable	$ 2,750	$ 2,414
Investment income due and accrued	1,163	1,124
Property and equipment	667	666
Right-of-use assets	734	785
Deferred acquisition costs	157	152
Prepaid expenses	1,337	1,136
Accrued post-retirement benefit assets	58	50
Other	155	135
Total other assets	7,021	6,462
Amortization expense, deferred acquisition costs	$ 27	$ 25

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Goodwill Acquired by Segment (Details) - Goodwill - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Reconciliation of changes in intangible assets and goodwill [abstract]
Beginning balance	$ 8,969	$ 8,705
Acquisitions		400
Disposition		(21)
Foreign exchange rate movements	488	(115)
Acquisitions	(1)
Ending balance	9,456	8,969
Canada
Reconciliation of changes in intangible assets and goodwill [abstract]
Beginning balance	2,748	2,607
Acquisitions		162
Disposition		(21)
Foreign exchange rate movements	0	0
Acquisitions	(1)
Ending balance	2,747	2,748
U.S.
Reconciliation of changes in intangible assets and goodwill [abstract]
Beginning balance	3,389	3,364
Acquisitions		104
Disposition		0
Foreign exchange rate movements	290	(79)
Acquisitions	0
Ending balance	3,679	3,389
Asset Management
Reconciliation of changes in intangible assets and goodwill [abstract]
Beginning balance	2,148	2,034
Acquisitions		134
Disposition		0
Foreign exchange rate movements	140	(20)
Acquisitions	0
Ending balance	2,288	2,148
Asia
Reconciliation of changes in intangible assets and goodwill [abstract]
Beginning balance	684	700
Acquisitions		0
Disposition		0
Foreign exchange rate movements	58	(16)
Acquisitions	0
Ending balance	$ 742	$ 684

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Narrative (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Bottom of range
Disclosure of detailed information about intangible assets [line items]
CGU discount rate	9.50%	9.50%
Price-to-earnings multiples used for valuation	10	10.50
Price-to-assets-under-management multiples used for valuation	1.20%	1.50%
Bottom of range | Income approach
Disclosure of detailed information about intangible assets [line items]
Future sales projection for valuation, in years	10 years
Top of range
Disclosure of detailed information about intangible assets [line items]
CGU discount rate	10.50%	12.50%
Price-to-earnings multiples used for valuation	16	11.50
Price-to-assets-under-management multiples used for valuation	2%	2%
Top of range | Income approach
Disclosure of detailed information about intangible assets [line items]
Future sales projection for valuation, in years	15 years

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Goodwill Allocated to CGUs (Details) - Goodwill - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Goodwill	$ 9,456	$ 8,969	$ 8,705
Canada
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Goodwill	2,747	2,748
Dental
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Goodwill	2,479	2,283
Group Benefits
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Goodwill	1,200	1,106
SLC Management
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Goodwill	1,748	1,645
MFS
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Goodwill	540	503
Asia
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Goodwill	$ 742	$ 684

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets - Changes in Intangible Assets (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Internally generated software
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets, beginning balance	$ 1,004
Intangible assets, ending balance	1,122	$ 1,004
Internally generated software | Gross carrying amount
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets, beginning balance	1,876	1,761
Additions	303	126
Acquisitions		0
Disposals	(21)
Foreign exchange rate movements	70	(11)
Intangible assets, ending balance	2,228	1,876
Internally generated software | Accumulated amortization and impairment losses
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets, beginning balance	(872)	(765)
Amortization charge for the year	(218)	(113)
Disposals	21
Impairment of intangible assets	0	0
Foreign exchange rate movements	(37)	6
Intangible assets, ending balance	(1,106)	(872)
Other
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets, beginning balance	2,976
Intangible assets, ending balance	2,701	2,976
Other | Gross carrying amount
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets, beginning balance	4,098	3,542
Additions	3	261
Acquisitions		368
Disposals	0
Foreign exchange rate movements	236	(73)
Intangible assets, ending balance	4,337	4,098
Other | Accumulated amortization and impairment losses
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets, beginning balance	(1,122)	(906)
Amortization charge for the year	(259)	(231)
Disposals	0
Impairment of intangible assets	(195)	0
Foreign exchange rate movements	(60)	15
Intangible assets, ending balance	(1,636)	(1,122)
Intangible assets, beginning balance	5,174
Intangible assets, ending balance	5,058	5,174
Goodwill and intangible recoverable amount based on value-in-use	303
Asia
Reconciliation of changes in intangible assets other than goodwill [abstract]
Impairment of intangible assets	(186)
Gross carrying amount
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets, beginning balance	7,196	6,420
Additions	306	433
Acquisitions		435
Disposals	(68)
Foreign exchange rate movements	404	(92)
Intangible assets, ending balance	7,838	7,196
Accumulated amortization and impairment losses
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets, beginning balance	(2,022)	(1,696)
Amortization charge for the year	(477)	(344)
Disposals	21
Impairment of intangible assets	(201)	(5)
Foreign exchange rate movements	(101)	23
Intangible assets, ending balance	(2,780)	(2,022)
Indefinite life
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets, beginning balance	1,194
Intangible assets, ending balance	1,235	1,194
Indefinite life | Gross carrying amount
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets, beginning balance	1,222	1,117
Additions	0	46
Acquisitions		67
Disposals	(47)
Foreign exchange rate movements	98	(8)
Intangible assets, ending balance	1,273	1,222
Indefinite life | Accumulated amortization and impairment losses
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets, beginning balance	(28)	(25)
Amortization charge for the year	0	0
Disposals	0
Impairment of intangible assets	(6)	(5)
Foreign exchange rate movements	(4)	2
Intangible assets, ending balance	$ (38)	$ (28)

Goodwill and Intangible Asset_6

Goodwill and Intangible Assets - Components of Intangible Assets (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure of detailed information about intangible assets [line items]
Intangible assets	$ 5,058	$ 5,174
MFS
Disclosure of detailed information about intangible assets [line items]
Impairment	290	272
SLC Management
Disclosure of detailed information about intangible assets [line items]
Impairment	931	916
Fund management contracts
Disclosure of detailed information about intangible assets [line items]
Intangible assets	1,235	1,194
Indefinite life
Disclosure of detailed information about intangible assets [line items]
Intangible assets	1,235	1,194
Total finite life intangible assets
Disclosure of detailed information about intangible assets [line items]
Intangible assets	3,823	3,980
Distribution, sales potential of field force
Disclosure of detailed information about intangible assets [line items]
Intangible assets	244	258
Client relationships and asset administration contracts
Disclosure of detailed information about intangible assets [line items]
Intangible assets	2,457	2,718
Internally generated software
Disclosure of detailed information about intangible assets [line items]
Intangible assets	$ 1,122	$ 1,004

Insurance Contracts - Insurance

Insurance Contracts - Insurance Contract Assets and Liabilities (Details) - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items]
Insurance contract liabilities	$ (147,269)	$ (135,669)
Reinsurance contracts held that are assets	6,318	5,794
Reinsurance contract held liabilities	1,825	1,623
Insurance
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items]
Net insurance contract liability (asset)	(146,914)	(135,485)	$ (131,219)
Insurance | non-PAA
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items]
Net insurance contract liability (asset)	(146,914)	(135,485)	(131,219)
Reinsurance contracts held
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items]
Net insurance contract liability (asset)	4,493	4,171	4,512
Reinsurance contracts held | non-PAA
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items]
Net insurance contract liability (asset)	4,493	4,171	$ 4,512
Non Backed Investments
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items]
Insurance contract liabilities	$ (325)	$ (105)

Insurance Contracts - Summary o

Insurance Contracts - Summary of Discount Curves (Details)	Dec. 31, 2024	Dec. 31, 2023
1 year | Canada
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items]
Discount curves	3.92%	5.51%
1 year | U.S.
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items]
Discount curves	5.32%	5.84%
1 year | Asia
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items]
Discount curves	5.40%	5.89%
5 years | Canada
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items]
Discount curves	4.02%	4.67%
5 years | U.S.
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items]
Discount curves	5.45%	5.12%
5 years | Asia
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items]
Discount curves	5.37%	5.06%
10 years | Canada
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items]
Discount curves	4.33%	4.59%
10 years | U.S.
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items]
Discount curves	5.57%	5.04%
10 years | Asia
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items]
Discount curves	5.99%	5.37%
30 years | Canada
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items]
Discount curves	4.48%	4.46%
30 years | U.S.
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items]
Discount curves	5.98%	5.05%
30 years | Asia
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items]
Discount curves	5.76%	5.48%
Ultimate | Canada
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items]
Discount curves	4.95%	4.95%
Ultimate | U.S.
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items]
Discount curves	4.95%	4.95%
Ultimate | Asia
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items]
Discount curves	4.95%	4.95%

Insurance Contracts - Narrative

Insurance Contracts - Narrative (Details) - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Disclosure of analysis of insurance revenue [line items]
Insurance contract liabilities	$ 167,366	$ 154,710
Bottom of range
Disclosure of analysis of insurance revenue [line items]
Margin	5%
Confidence Level	85%
Top of range
Disclosure of analysis of insurance revenue [line items]
Margin	20%
Confidence Level	90%

Insurance Contracts - Insuran_2

Insurance Contracts - Insurance Contracts Issued and Reinsurance Contracts Held By Measurement Components (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Insurance contract assets, beginning balance	$ 184
Insurance contract liabilities, beginning balance	154,710
Changes related to future service:
Total changes related to future service	(266)	$ (126)
Changes related to past service — Adjustments to FCF for incurred claims	2,397	(95)
Total changes	2,704	1,592
Cash flows:
Insurance acquisition cash flows expensed as incurred	1,258	1,174
Insurance contract assets, ending balance	355	184
Insurance contract liabilities, ending balance	167,366	154,710
Insurance
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Insurance contract assets, beginning balance	184	75
Insurance contract liabilities, beginning balance	135,669	131,294
Insurance contracts liability (asset) at beginning of period	135,485	131,219
Changes related to future service:
Contracts initially recognized in the year	119	70
Changes related to past service — Adjustments to FCF for incurred claims	(2,397)	95
Insurance service result	(4,264)	(4,080)
Insurance finance (income) expenses from insurance contracts issued	5,139	9,675
Total changes recognized in income	875	5,595
Foreign currency translation	4,645	(1,194)
Total changes	5,520	4,401
Cash flows:
Premiums received	34,027	31,876
Amounts paid to policyholders and other insurance service expenses paid	(28,443)	(25,956)
Insurance acquisition cash flows	(1,259)	(2,061)
Fees received from segregated funds	419	422
Other	1,165	393
Total cash flows	5,909	4,674
Dispositions		(4,809)
Changes in PAA balance	963	341
Insurance contract assets, ending balance	355	184
Insurance contract liabilities, ending balance	147,269	135,669
Insurance contracts liability (asset) at end of period	146,914	135,485
Reinsurance contracts held
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Insurance contract assets, beginning balance	5,794	6,115
Insurance contract liabilities, beginning balance	1,623	1,603
Insurance contracts liability (asset) at beginning of period	(4,171)	(4,512)
Changes related to future service:
Contracts initially recognized in the year	0	0
Insurance finance (income) expenses from insurance contracts issued	51	59
Total changes recognized in income	136	(10)
Foreign currency translation	368	(171)
Total changes	504	(181)
Cash flows:
Other	(148)	(197)
Total cash flows	(182)	(40)
Dispositions		(120)
Changes in PAA balance	68	(59)
Insurance contract assets, ending balance	6,318	5,794
Insurance contract liabilities, ending balance	1,825	1,623
Insurance contracts liability (asset) at end of period	(4,493)	(4,171)
non-PAA | Insurance
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Insurance contract assets, beginning balance	184	75
Insurance contract liabilities, beginning balance	118,405	114,371
Insurance contracts liability (asset) at beginning of period	135,485	131,219
Changes related to current service:
CSM recognized for services provided	(1,117)	(923)
Risk adjustment recognized for non-financial risk expired	(596)	(545)
Income taxes specifically chargeable to the policyholder	(26)	(5)
Experience adjustments	176	169
Total changes related to current service	(1,563)	(1,304)
Changes related to future service:
Changes in estimates that adjust CSM	0	0
Changes in estimates that do not adjust CSM (losses on onerous groups and reversals of such losses)	153	42
Contracts initially recognized in the year	119	70
Total changes related to future service	272	112
Changes related to past service — Adjustments to FCF for incurred claims	6	(51)
Insurance service result	(1,285)	(1,243)
Insurance finance (income) expenses from insurance contracts issued	4,342	8,648
Total changes recognized in income	3,057	7,405
Foreign currency translation	4,234	(1,058)
Total changes	7,291	6,347
Cash flows:
Premiums received	16,055	14,798
Amounts paid to policyholders and other insurance service expenses paid	(13,138)	(11,809)
Insurance acquisition cash flows	(1,257)	(2,034)
Fees received from segregated funds	419	422
Other	1,096	393
Total cash flows	3,175	1,770
Dispositions	0	(4,238)
Contracts modified	0	46
Insurance contract assets, ending balance	226	184
Insurance contract liabilities, ending balance	128,913	118,405
Insurance contracts liability (asset) at end of period	146,914	135,485
non-PAA | Reinsurance contracts held
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Insurance contract assets, beginning balance	5,453	5,674
Insurance contract liabilities, beginning balance	1,623	1,562
Insurance contracts liability (asset) at beginning of period	(4,171)	(4,512)
Changes related to current service:
CSM recognized for services provided	18	(4)
Risk adjustment recognized for non-financial risk expired	(174)	(148)
Experience adjustments	151	137
Total changes related to current service	(5)	(15)
Changes related to future service:
Changes in estimates that adjust CSM	0	0
Changes in estimates that do not adjust CSM (losses on onerous groups and reversals of such losses)	44	35
Changes in estimates that relate to losses and reversals of losses on groups of underlying contracts	67	13
Contracts initially recognized in the year	0	0
Total changes related to future service	111	48
Changes related to past service — Adjustments to FCF for incurred claims	11	(47)
Insurance service result	117	(14)
Insurance finance (income) expenses from insurance contracts issued	52	45
Total changes recognized in income	169	31
Foreign currency translation	350	(97)
Total changes	519	(66)
Cash flows:
Other	(164)	(279)
Total cash flows	(265)	(188)
Dispositions	0	(33)
Contracts modified	0	5
Insurance contract assets, ending balance	5,909	5,453
Insurance contract liabilities, ending balance	1,825	1,623
Insurance contracts liability (asset) at end of period	(4,493)	(4,171)
PAA | Insurance
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Insurance contract assets, beginning balance	0	0
Insurance contract liabilities, beginning balance	17,264	16,923
Cash flows:
Insurance contract assets, ending balance	(129)	0
Insurance contract liabilities, ending balance	18,356	17,264
PAA | Reinsurance contracts held
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Insurance contract assets, beginning balance	341	441
Insurance contract liabilities, beginning balance		41
Cash flows:
Insurance contract assets, ending balance	409	341
Estimates of PV of future cash flows
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Insurance contract assets, beginning balance	4,840
Insurance contract liabilities, beginning balance	583,616
Insurance contracts liability (asset) at beginning of period	578,776
Cash flows:
Insurance contract assets, ending balance	5,676	4,840
Insurance contract liabilities, ending balance	756,186	583,616
Insurance contracts liability (asset) at end of period	750,510	578,776
Estimates of PV of future cash flows | Insurance
Cash flows:
Changes in PAA balance	925	349
Estimates of PV of future cash flows | Reinsurance contracts held
Cash flows:
Changes in PAA balance	68	(67)
Estimates of PV of future cash flows | non-PAA | Insurance
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Insurance contract assets, beginning balance	578	195
Insurance contract liabilities, beginning balance	99,420	96,623
Insurance contracts liability (asset) at beginning of period	115,278	112,515
Changes related to current service:
Income taxes specifically chargeable to the policyholder	(26)	(5)
Experience adjustments	176	169
Total changes related to current service	150	164
Changes related to future service:
Changes in estimates that adjust CSM	(508)	(1,206)
Changes in estimates that do not adjust CSM (losses on onerous groups and reversals of such losses)	81	33
Contracts initially recognized in the year	(1,859)	(1,702)
Total changes related to future service	(2,286)	(2,875)
Changes related to past service — Adjustments to FCF for incurred claims	8	(39)
Insurance service result	(2,128)	(2,750)
Insurance finance (income) expenses from insurance contracts issued	4,149	8,131
Total changes recognized in income	2,021	5,381
Foreign currency translation	3,524	(898)
Total changes	5,545	4,483
Cash flows:
Premiums received	16,055	14,798
Amounts paid to policyholders and other insurance service expenses paid	(13,138)	(11,809)
Insurance acquisition cash flows	(1,257)	(2,034)
Fees received from segregated funds	419	422
Other	1,096	393
Total cash flows	3,175	1,770
Dispositions	0	(3,885)
Contracts modified	0	46
Insurance contract assets, ending balance	670	578
Insurance contract liabilities, ending balance	108,232	99,420
Insurance contracts liability (asset) at end of period	124,923	115,278
Estimates of PV of future cash flows | non-PAA | Reinsurance contracts held
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Insurance contract assets, beginning balance	3,848	4,061
Insurance contract liabilities, beginning balance	2,355	2,275
Insurance contracts liability (asset) at beginning of period	(1,817)	(2,177)
Changes related to current service:
Experience adjustments	151	137
Total changes related to current service	151	137
Changes related to future service:
Changes in estimates that adjust CSM	490	68
Changes in estimates that relate to losses and reversals of losses on groups of underlying contracts	113	(6)
Contracts initially recognized in the year	(56)	(45)
Total changes related to future service	547	17
Changes related to past service — Adjustments to FCF for incurred claims	7	(38)
Insurance service result	705	116
Insurance finance (income) expenses from insurance contracts issued	(139)	(120)
Total changes recognized in income	566	(4)
Foreign currency translation	286	(81)
Total changes	852	(85)
Cash flows:
Other	(164)	(279)
Total cash flows	(265)	(188)
Dispositions	0	(25)
Contracts modified	0	5
Insurance contract assets, ending balance	4,292	3,848
Insurance contract liabilities, ending balance	2,212	2,355
Insurance contracts liability (asset) at end of period	(2,472)	(1,817)
Estimates of PV of future cash flows | PAA | Insurance
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Insurance contract assets, beginning balance	0	0
Insurance contract liabilities, beginning balance	16,436	16,087
Cash flows:
Insurance contract assets, ending balance	(129)	0
Insurance contract liabilities, ending balance	17,490	16,436
Estimates of PV of future cash flows | PAA | Reinsurance contracts held
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Insurance contract assets, beginning balance	324	440
Insurance contract liabilities, beginning balance		49
Cash flows:
Insurance contract assets, ending balance	392	324
Risk adjustment | Insurance
Changes related to future service:
Contracts initially recognized in the year	530	513
Cash flows:
Changes in PAA balance	38	(8)
Risk adjustment | Reinsurance contracts held
Changes related to future service:
Contracts initially recognized in the year	120	102
Cash flows:
Changes in PAA balance	0	8
Risk adjustment | non-PAA | Insurance
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Insurance contract assets, beginning balance	(146)	(51)
Insurance contract liabilities, beginning balance	7,388	6,847
Insurance contracts liability (asset) at beginning of period	8,362	7,734
Changes related to current service:
Risk adjustment recognized for non-financial risk expired	(596)	(545)
Income taxes specifically chargeable to the policyholder	0	0
Total changes related to current service	(596)	(545)
Changes related to future service:
Changes in estimates that adjust CSM	34	292
Changes in estimates that do not adjust CSM (losses on onerous groups and reversals of such losses)	72	9
Contracts initially recognized in the year	530	513
Total changes related to future service	636	814
Changes related to past service — Adjustments to FCF for incurred claims	(2)	(12)
Insurance service result	38	257
Insurance finance (income) expenses from insurance contracts issued	290	525
Total changes recognized in income	328	782
Foreign currency translation	235	(54)
Total changes	563	728
Cash flows:
Dispositions	0	(92)
Contracts modified	0	0
Insurance contract assets, ending balance	(149)	(146)
Insurance contract liabilities, ending balance	7,948	7,388
Insurance contracts liability (asset) at end of period	8,963	8,362
Risk adjustment | non-PAA | Reinsurance contracts held
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Insurance contract assets, beginning balance	1,431	1,450
Insurance contract liabilities, beginning balance	(847)	(771)
Insurance contracts liability (asset) at beginning of period	(2,295)	(2,230)
Changes related to current service:
Risk adjustment recognized for non-financial risk expired	(174)	(148)
Total changes related to current service	(174)	(148)
Changes related to future service:
Changes in estimates that adjust CSM	(130)	(52)
Changes in estimates that relate to losses and reversals of losses on groups of underlying contracts	1	23
Contracts initially recognized in the year	120	102
Total changes related to future service	(9)	73
Changes related to past service — Adjustments to FCF for incurred claims	4	(9)
Insurance service result	(179)	(84)
Insurance finance (income) expenses from insurance contracts issued	192	164
Total changes recognized in income	13	80
Foreign currency translation	51	(14)
Total changes	64	66
Cash flows:
Dispositions	0	(9)
Contracts modified	0	0
Insurance contract assets, ending balance	1,487	1,431
Insurance contract liabilities, ending balance	(855)	(847)
Insurance contracts liability (asset) at end of period	(2,359)	(2,295)
Risk adjustment | PAA | Insurance
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Insurance contract assets, beginning balance	0	0
Insurance contract liabilities, beginning balance	828	836
Cash flows:
Insurance contract assets, ending balance	0	0
Insurance contract liabilities, ending balance	866	828
Risk adjustment | PAA | Reinsurance contracts held
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Insurance contract assets, beginning balance	17	1
Insurance contract liabilities, beginning balance		(8)
Cash flows:
Insurance contract assets, ending balance	17	17
CSM | Insurance
Changes related to future service:
Contracts initially recognized in the year	1,448	1,259
CSM | Reinsurance contracts held
Changes related to future service:
Contracts initially recognized in the year	(64)	(57)
CSM | non-PAA | Insurance
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Insurance contract assets, beginning balance	(248)	(69)
Insurance contract liabilities, beginning balance	11,597	10,901
Insurance contracts liability (asset) at beginning of period	11,845	10,970
Changes related to current service:
CSM recognized for services provided	(1,117)	(923)
Total changes related to current service	(1,117)	(923)
Changes related to future service:
Changes in estimates that adjust CSM	474	914
Contracts initially recognized in the year	1,448	1,259
Total changes related to future service	1,922	2,173
Insurance service result	805	1,250
Insurance finance (income) expenses from insurance contracts issued	(97)	(8)
Total changes recognized in income	708	1,242
Foreign currency translation	475	(106)
Total changes	1,183	1,136
Cash flows:
Dispositions	0	(261)
Contracts modified	0	0
Insurance contract assets, ending balance	(295)	(248)
Insurance contract liabilities, ending balance	12,733	11,597
Insurance contracts liability (asset) at end of period	13,028	11,845
CSM | non-PAA | Reinsurance contracts held
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Insurance contract assets, beginning balance	174	163
Insurance contract liabilities, beginning balance	115	58
Insurance contracts liability (asset) at beginning of period	(59)	(105)
Changes related to current service:
CSM recognized for services provided	18	(4)
Total changes related to current service	18	(4)
Changes related to future service:
Changes in estimates that adjust CSM	(360)	(16)
Changes in estimates that relate to losses and reversals of losses on groups of underlying contracts	(47)	(4)
Contracts initially recognized in the year	(64)	(57)
Total changes related to future service	(427)	(42)
Insurance service result	(409)	(46)
Insurance finance (income) expenses from insurance contracts issued	(1)	1
Total changes recognized in income	(410)	(45)
Foreign currency translation	13	(2)
Total changes	(397)	(47)
Cash flows:
Dispositions	0	1
Contracts modified	0	0
Insurance contract assets, ending balance	130	174
Insurance contract liabilities, ending balance	468	115
Insurance contracts liability (asset) at end of period	(338)	(59)
CSM | PAA | Insurance
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Insurance contract assets, beginning balance	0	0
Cash flows:
Insurance contract assets, ending balance	$ 0	$ 0

Insurance Contracts - Insuran_3

Insurance Contracts - Insurance Contracts Issued and Reinsurance Contracts Held By Remaining Coverage and Incurred Claims (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items]
Insurance contract liabilities, beginning balance	$ 154,710
Insurance contract assets, beginning balance	184
Increase (decrease) through insurance service expenses, insurance contracts liability (asset) [abstract]
Incurred claims and other expenses	(20,163)	$ (16,853)
Less: Amounts directly attributable to the acquisition and fulfillment of insurance contracts	(341)	(202)
Changes related to past service (changes in FCF related to liability for incurred claims)	2,397	(95)
Total changes	2,704	1,592
Increase (decrease) through investment components excluded from insurance revenue and insurance service expense, insurance contracts liability (asset) [Abstract]
Insurance contract assets, ending balance	355	184
Insurance contract liabilities, ending balance	167,366	154,710
Insurance
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items]
Insurance contract liabilities, beginning balance	135,669	131,294
Insurance contract assets, beginning balance	184	75
Insurance contracts liability (asset) at beginning of period	135,485	131,219
Insurance revenue:
Increase (decrease) through insurance revenue, insurance contracts liability (asset)	(22,637)	(21,356)
Increase (decrease) through insurance service expenses, insurance contracts liability (asset) [abstract]
Incurred claims and other expenses	20,163	16,853
Less: Amounts directly attributable to the acquisition and fulfillment of insurance contracts	341	202
Changes related to future service (losses on onerous groups and reversals of such losses)	266	126
Changes related to past service (changes in FCF related to liability for incurred claims)	(2,397)	95
Increase (decrease) through insurance service expenses, insurance contracts liability (asset)	18,373	17,276
Insurance service result	(4,264)	(4,080)
Increase (decrease) through insurance finance income or expenses, insurance contracts liability (asset)	5,139	9,675
Total changes recognized in income	875	5,595
Foreign currency translation	4,645	(1,194)
Total changes	5,520	4,401
Cash flows:
Premiums received	34,027	31,876
Amounts paid to policyholders and other insurance service expenses paid	(28,443)	(25,956)
Insurance acquisition cash flows	(1,259)	(2,061)
Fees received from segregated funds	419	422
Other	1,165	393
Total cash flows	5,909	4,674
Increase (decrease) through investment components excluded from insurance revenue and insurance service expense, insurance contracts liability (asset) [Abstract]
Actual investment component excluded from insurance service expense	0	0
Dispositions		(4,809)
Insurance contract assets, ending balance	355	184
Insurance contract liabilities, ending balance	147,269	135,669
Insurance contracts liability (asset) at end of period	146,914	135,485
Reinsurance contracts held
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items]
Insurance contract liabilities, beginning balance	1,623	1,603
Insurance contract assets, beginning balance	5,794	6,115
Insurance contracts liability (asset) at beginning of period	(4,171)	(4,512)
Increase (decrease) through insurance service expenses, insurance contracts liability (asset) [abstract]
Increase (decrease) through effect of excluding changes in risk of non-performance by issuer of reinsurance contracts held, insurance contracts liability (asset)	85	(69)
Increase (decrease) through effect of changes in risk of non-performance by issuer of reinsurance contracts held, insurance contracts liability (asset)	0	0
Increase (decrease) through effect of income (expense) for reinsurance contracts held, insurance contracts liability (asset)	85	(69)
Increase (decrease) through insurance finance income or expenses, insurance contracts liability (asset)	51	59
Total changes recognized in income	136	(10)
Foreign currency translation	368	(171)
Total changes	504	(181)
Cash flows:
Increase (decrease) through premiums paid for reinsurance contracts held, insurance contracts liability (asset)	2,179	2,268
Increase (decrease) through incurred claims recovered and other insurance service expenses recovered under reinsurance contracts held, insurance contracts liability (asset)	(2,213)	(2,111)
Other	(148)	(197)
Total cash flows	(182)	(40)
Increase (decrease) through investment components excluded from insurance revenue and insurance service expense, insurance contracts liability (asset) [Abstract]
Actual investment component excluded from insurance service expense	0	0
Dispositions		(120)
Insurance contract assets, ending balance	6,318	5,794
Insurance contract liabilities, ending balance	1,825	1,623
Insurance contracts liability (asset) at end of period	(4,493)	(4,171)
non-PAA
Increase (decrease) through insurance service expenses, insurance contracts liability (asset) [abstract]
Less: Amounts directly attributable to the acquisition and fulfillment of insurance contracts	341	202
non-PAA | Insurance
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items]
Insurance contract liabilities, beginning balance	118,405	114,371
Insurance contract assets, beginning balance	184	75
Insurance contracts liability (asset) at beginning of period	135,485	131,219
Increase (decrease) through insurance service expenses, insurance contracts liability (asset) [abstract]
Changes related to past service (changes in FCF related to liability for incurred claims)	6	(51)
Insurance service result	(1,285)	(1,243)
Increase (decrease) through insurance finance income or expenses, insurance contracts liability (asset)	4,342	8,648
Total changes recognized in income	3,057	7,405
Foreign currency translation	4,234	(1,058)
Total changes	7,291	6,347
Cash flows:
Premiums received	16,055	14,798
Amounts paid to policyholders and other insurance service expenses paid	(13,138)	(11,809)
Insurance acquisition cash flows	(1,257)	(2,034)
Fees received from segregated funds	419	422
Other	1,096	393
Total cash flows	3,175	1,770
Increase (decrease) through investment components excluded from insurance revenue and insurance service expense, insurance contracts liability (asset) [Abstract]
Dispositions	0	(4,238)
Insurance contract assets, ending balance	226	184
Insurance contract liabilities, ending balance	128,913	118,405
Insurance contracts liability (asset) at end of period	146,914	135,485
non-PAA | Reinsurance contracts held
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items]
Insurance contract liabilities, beginning balance	1,623	1,562
Insurance contract assets, beginning balance	5,453	5,674
Insurance contracts liability (asset) at beginning of period	(4,171)	(4,512)
Increase (decrease) through insurance service expenses, insurance contracts liability (asset) [abstract]
Changes related to past service (changes in FCF related to liability for incurred claims)	11	(47)
Insurance service result	117	(14)
Increase (decrease) through insurance finance income or expenses, insurance contracts liability (asset)	52	45
Total changes recognized in income	169	31
Foreign currency translation	350	(97)
Total changes	519	(66)
Cash flows:
Increase (decrease) through premiums paid for reinsurance contracts held, insurance contracts liability (asset)	1,407	1,525
Increase (decrease) through incurred claims recovered and other insurance service expenses recovered under reinsurance contracts held, insurance contracts liability (asset)	(1,508)	(1,434)
Other	(164)	(279)
Total cash flows	(265)	(188)
Increase (decrease) through investment components excluded from insurance revenue and insurance service expense, insurance contracts liability (asset) [Abstract]
Dispositions	0	(33)
Insurance contract assets, ending balance	5,909	5,453
Insurance contract liabilities, ending balance	1,825	1,623
Insurance contracts liability (asset) at end of period	(4,493)	(4,171)
PAA | Insurance
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items]
Insurance contract liabilities, beginning balance	17,264	16,923
Insurance contract assets, beginning balance	0	0
Increase (decrease) through investment components excluded from insurance revenue and insurance service expense, insurance contracts liability (asset) [Abstract]
Insurance contract assets, ending balance	(129)	0
Insurance contract liabilities, ending balance	18,356	17,264
PAA | Reinsurance contracts held
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items]
Insurance contract liabilities, beginning balance		41
Insurance contract assets, beginning balance	341	441
Increase (decrease) through investment components excluded from insurance revenue and insurance service expense, insurance contracts liability (asset) [Abstract]
Insurance contract assets, ending balance	409	341
Estimates of PV of future cash flows
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items]
Insurance contract liabilities, beginning balance	583,616
Insurance contract assets, beginning balance	4,840
Insurance contracts liability (asset) at beginning of period	578,776
Increase (decrease) through investment components excluded from insurance revenue and insurance service expense, insurance contracts liability (asset) [Abstract]
Insurance contract assets, ending balance	5,676	4,840
Insurance contract liabilities, ending balance	756,186	583,616
Insurance contracts liability (asset) at end of period	750,510	578,776
Estimates of PV of future cash flows | non-PAA | Insurance
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items]
Insurance contract liabilities, beginning balance	99,420	96,623
Insurance contract assets, beginning balance	578	195
Insurance contracts liability (asset) at beginning of period	115,278	112,515
Increase (decrease) through insurance service expenses, insurance contracts liability (asset) [abstract]
Changes related to past service (changes in FCF related to liability for incurred claims)	8	(39)
Insurance service result	(2,128)	(2,750)
Increase (decrease) through insurance finance income or expenses, insurance contracts liability (asset)	4,149	8,131
Total changes recognized in income	2,021	5,381
Foreign currency translation	3,524	(898)
Total changes	5,545	4,483
Cash flows:
Premiums received	16,055	14,798
Amounts paid to policyholders and other insurance service expenses paid	(13,138)	(11,809)
Insurance acquisition cash flows	(1,257)	(2,034)
Fees received from segregated funds	419	422
Other	1,096	393
Total cash flows	3,175	1,770
Increase (decrease) through investment components excluded from insurance revenue and insurance service expense, insurance contracts liability (asset) [Abstract]
Dispositions	0	(3,885)
Insurance contract assets, ending balance	670	578
Insurance contract liabilities, ending balance	108,232	99,420
Insurance contracts liability (asset) at end of period	124,923	115,278
Estimates of PV of future cash flows | non-PAA | Reinsurance contracts held
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items]
Insurance contract liabilities, beginning balance	2,355	2,275
Insurance contract assets, beginning balance	3,848	4,061
Insurance contracts liability (asset) at beginning of period	(1,817)	(2,177)
Increase (decrease) through insurance service expenses, insurance contracts liability (asset) [abstract]
Changes related to past service (changes in FCF related to liability for incurred claims)	7	(38)
Insurance service result	705	116
Increase (decrease) through insurance finance income or expenses, insurance contracts liability (asset)	(139)	(120)
Total changes recognized in income	566	(4)
Foreign currency translation	286	(81)
Total changes	852	(85)
Cash flows:
Increase (decrease) through premiums paid for reinsurance contracts held, insurance contracts liability (asset)	1,407	1,525
Increase (decrease) through incurred claims recovered and other insurance service expenses recovered under reinsurance contracts held, insurance contracts liability (asset)	(1,508)	(1,434)
Other	(164)	(279)
Total cash flows	(265)	(188)
Increase (decrease) through investment components excluded from insurance revenue and insurance service expense, insurance contracts liability (asset) [Abstract]
Dispositions	0	(25)
Insurance contract assets, ending balance	4,292	3,848
Insurance contract liabilities, ending balance	2,212	2,355
Insurance contracts liability (asset) at end of period	(2,472)	(1,817)
Estimates of PV of future cash flows | PAA | Insurance
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items]
Insurance contract liabilities, beginning balance	16,436	16,087
Insurance contract assets, beginning balance	0	0
Increase (decrease) through investment components excluded from insurance revenue and insurance service expense, insurance contracts liability (asset) [Abstract]
Insurance contract assets, ending balance	(129)	0
Insurance contract liabilities, ending balance	17,490	16,436
Estimates of PV of future cash flows | PAA | Reinsurance contracts held
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items]
Insurance contract liabilities, beginning balance		49
Insurance contract assets, beginning balance	324	440
Increase (decrease) through investment components excluded from insurance revenue and insurance service expense, insurance contracts liability (asset) [Abstract]
Insurance contract assets, ending balance	392	324
Risk adjustment | non-PAA | Insurance
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items]
Insurance contract liabilities, beginning balance	7,388	6,847
Insurance contract assets, beginning balance	(146)	(51)
Insurance contracts liability (asset) at beginning of period	8,362	7,734
Increase (decrease) through insurance service expenses, insurance contracts liability (asset) [abstract]
Changes related to past service (changes in FCF related to liability for incurred claims)	(2)	(12)
Insurance service result	38	257
Increase (decrease) through insurance finance income or expenses, insurance contracts liability (asset)	290	525
Total changes recognized in income	328	782
Foreign currency translation	235	(54)
Total changes	563	728
Increase (decrease) through investment components excluded from insurance revenue and insurance service expense, insurance contracts liability (asset) [Abstract]
Dispositions	0	(92)
Insurance contract assets, ending balance	(149)	(146)
Insurance contract liabilities, ending balance	7,948	7,388
Insurance contracts liability (asset) at end of period	8,963	8,362
Risk adjustment | non-PAA | Reinsurance contracts held
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items]
Insurance contract liabilities, beginning balance	(847)	(771)
Insurance contract assets, beginning balance	1,431	1,450
Insurance contracts liability (asset) at beginning of period	(2,295)	(2,230)
Increase (decrease) through insurance service expenses, insurance contracts liability (asset) [abstract]
Changes related to past service (changes in FCF related to liability for incurred claims)	4	(9)
Insurance service result	(179)	(84)
Increase (decrease) through insurance finance income or expenses, insurance contracts liability (asset)	192	164
Total changes recognized in income	13	80
Foreign currency translation	51	(14)
Total changes	64	66
Increase (decrease) through investment components excluded from insurance revenue and insurance service expense, insurance contracts liability (asset) [Abstract]
Dispositions	0	(9)
Insurance contract assets, ending balance	1,487	1,431
Insurance contract liabilities, ending balance	(855)	(847)
Insurance contracts liability (asset) at end of period	(2,359)	(2,295)
Risk adjustment | PAA | Insurance
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items]
Insurance contract liabilities, beginning balance	828	836
Insurance contract assets, beginning balance	0	0
Increase (decrease) through investment components excluded from insurance revenue and insurance service expense, insurance contracts liability (asset) [Abstract]
Insurance contract assets, ending balance	0	0
Insurance contract liabilities, ending balance	866	828
Risk adjustment | PAA | Reinsurance contracts held
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items]
Insurance contract liabilities, beginning balance		(8)
Insurance contract assets, beginning balance	17	1
Increase (decrease) through investment components excluded from insurance revenue and insurance service expense, insurance contracts liability (asset) [Abstract]
Insurance contract assets, ending balance	17	17
Net liabilities for remaining coverage: | Insurance
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items]
Insurance contract liabilities, beginning balance	117,440	113,237
Insurance contract assets, beginning balance	(2,516)	118
Insurance contracts liability (asset) at beginning of period	119,956	113,119
Insurance revenue:
Increase (decrease) through insurance revenue, insurance contracts liability (asset)	(22,637)	(21,356)
Increase (decrease) through insurance service expenses, insurance contracts liability (asset) [abstract]
Less: Amounts directly attributable to the acquisition and fulfillment of insurance contracts	341	202
Increase (decrease) through insurance service expenses, insurance contracts liability (asset)	341	202
Insurance service result	(22,296)	(21,154)
Increase (decrease) through insurance finance income or expenses, insurance contracts liability (asset)	4,262	8,652
Total changes recognized in income	(18,034)	(12,502)
Foreign currency translation	4,262	(1,071)
Total changes	(13,772)	(13,573)
Cash flows:
Premiums received	34,027	31,876
Amounts paid to policyholders and other insurance service expenses paid	0	0
Insurance acquisition cash flows	(1,259)	(2,061)
Fees received from segregated funds	419	422
Other	1,413	794
Total cash flows	34,600	31,031
Increase (decrease) through investment components excluded from insurance revenue and insurance service expense, insurance contracts liability (asset) [Abstract]
Actual investment component excluded from insurance service expense	(10,924)	(9,443)
Dispositions		(1,178)
Insurance contract assets, ending balance	(1,982)	(2,516)
Insurance contract liabilities, ending balance	127,878	117,440
Insurance contracts liability (asset) at end of period	129,860	119,956
Net liabilities for remaining coverage: | Reinsurance contracts held
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items]
Insurance contract liabilities, beginning balance	1,599	1,501
Insurance contract assets, beginning balance	5,019	4,894
Insurance contracts liability (asset) at beginning of period	(3,420)	(3,393)
Increase (decrease) through insurance service expenses, insurance contracts liability (asset) [abstract]
Increase (decrease) through effect of excluding changes in risk of non-performance by issuer of reinsurance contracts held, insurance contracts liability (asset)	(2,064)	(1,994)
Increase (decrease) through effect of changes in risk of non-performance by issuer of reinsurance contracts held, insurance contracts liability (asset)	2	24
Increase (decrease) through effect of income (expense) for reinsurance contracts held, insurance contracts liability (asset)	(2,062)	(1,970)
Increase (decrease) through insurance finance income or expenses, insurance contracts liability (asset)	41	23
Total changes recognized in income	(2,021)	(1,947)
Foreign currency translation	310	(67)
Total changes	(1,711)	(2,014)
Cash flows:
Increase (decrease) through premiums paid for reinsurance contracts held, insurance contracts liability (asset)	2,179	2,268
Other	(322)	(165)
Total cash flows	1,857	2,103
Increase (decrease) through investment components excluded from insurance revenue and insurance service expense, insurance contracts liability (asset) [Abstract]
Actual investment component excluded from insurance service expense	(60)	(69)
Dispositions		7
Insurance contract assets, ending balance	5,403	5,019
Insurance contract liabilities, ending balance	1,897	1,599
Insurance contracts liability (asset) at end of period	(3,506)	(3,420)
Loss component | Insurance
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items]
Insurance contract liabilities, beginning balance	358	185
Insurance contract assets, beginning balance	0	(19)
Insurance contracts liability (asset) at beginning of period	358	204
Increase (decrease) through insurance service expenses, insurance contracts liability (asset) [abstract]
Incurred claims and other expenses	(57)	23
Changes related to future service (losses on onerous groups and reversals of such losses)	266	126
Increase (decrease) through insurance service expenses, insurance contracts liability (asset)	209	149
Insurance service result	209	149
Increase (decrease) through insurance finance income or expenses, insurance contracts liability (asset)	17	7
Total changes recognized in income	226	156
Foreign currency translation	5	(2)
Total changes	231	154
Increase (decrease) through investment components excluded from insurance revenue and insurance service expense, insurance contracts liability (asset) [Abstract]
Insurance contract assets, ending balance	(10)	0
Insurance contract liabilities, ending balance	579	358
Insurance contracts liability (asset) at end of period	589	358
Loss component | Reinsurance contracts held
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items]
Insurance contract liabilities, beginning balance	(2)	0
Insurance contract assets, beginning balance	56	18
Insurance contracts liability (asset) at beginning of period	(58)	(18)
Increase (decrease) through insurance service expenses, insurance contracts liability (asset) [abstract]
Increase (decrease) through effect of excluding changes in risk of non-performance by issuer of reinsurance contracts held, insurance contracts liability (asset)	92	38
Increase (decrease) through effect of changes in risk of non-performance by issuer of reinsurance contracts held, insurance contracts liability (asset)	0	0
Increase (decrease) through effect of income (expense) for reinsurance contracts held, insurance contracts liability (asset)	92	38
Increase (decrease) through insurance finance income or expenses, insurance contracts liability (asset)	5	2
Total changes recognized in income	97	40
Foreign currency translation	0	0
Total changes	97	40
Increase (decrease) through investment components excluded from insurance revenue and insurance service expense, insurance contracts liability (asset) [Abstract]
Actual investment component excluded from insurance service expense	0	0
Dispositions		0
Insurance contract assets, ending balance	153	56
Insurance contract liabilities, ending balance	(2)	(2)
Insurance contracts liability (asset) at end of period	(155)	(58)
Liability for incurred claims: | non-PAA | Insurance
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items]
Insurance contract liabilities, beginning balance	1,195	1,803
Insurance contract assets, beginning balance	2,700	(24)
Insurance contracts liability (asset) at beginning of period	(1,505)	1,827
Increase (decrease) through insurance service expenses, insurance contracts liability (asset) [abstract]
Incurred claims and other expenses	5,075	4,919
Changes related to past service (changes in FCF related to liability for incurred claims)	59	(51)
Increase (decrease) through insurance service expenses, insurance contracts liability (asset)	5,134	4,868
Insurance service result	5,134	4,868
Increase (decrease) through insurance finance income or expenses, insurance contracts liability (asset)	70	(31)
Total changes recognized in income	5,204	4,837
Foreign currency translation	(115)	43
Total changes	5,089	4,880
Cash flows:
Amounts paid to policyholders and other insurance service expenses paid	(13,138)	(11,878)
Insurance acquisition cash flows	0	0
Fees received from segregated funds	0	0
Other	(299)	(428)
Total cash flows	(13,437)	(12,306)
Increase (decrease) through investment components excluded from insurance revenue and insurance service expense, insurance contracts liability (asset) [Abstract]
Actual investment component excluded from insurance service expense	8,349	7,164
Dispositions		(3,070)
Insurance contract assets, ending balance	2,581	2,700
Insurance contract liabilities, ending balance	1,077	1,195
Insurance contracts liability (asset) at end of period	(1,504)	(1,505)
Liability for incurred claims: | non-PAA | Reinsurance contracts held
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items]
Insurance contract liabilities, beginning balance	26	40
Insurance contract assets, beginning balance	383	752
Insurance contracts liability (asset) at beginning of period	(357)	(712)
Increase (decrease) through insurance service expenses, insurance contracts liability (asset) [abstract]
Increase (decrease) through effect of excluding changes in risk of non-performance by issuer of reinsurance contracts held, insurance contracts liability (asset)	1,339	1,300
Increase (decrease) through effect of changes in risk of non-performance by issuer of reinsurance contracts held, insurance contracts liability (asset)	(2)	(24)
Increase (decrease) through effect of income (expense) for reinsurance contracts held, insurance contracts liability (asset)	1,337	1,276
Increase (decrease) through insurance finance income or expenses, insurance contracts liability (asset)	7	8
Total changes recognized in income	1,344	1,284
Foreign currency translation	38	(82)
Total changes	1,382	1,202
Cash flows:
Increase (decrease) through incurred claims recovered and other insurance service expenses recovered under reinsurance contracts held, insurance contracts liability (asset)	(1,508)	(1,549)
Other	171	(30)
Total cash flows	(1,337)	(1,579)
Increase (decrease) through investment components excluded from insurance revenue and insurance service expense, insurance contracts liability (asset) [Abstract]
Actual investment component excluded from insurance service expense	32	44
Dispositions		(22)
Insurance contract assets, ending balance	364	383
Insurance contract liabilities, ending balance	(70)	26
Insurance contracts liability (asset) at end of period	(434)	(357)
Liability for incurred claims: | Estimates of PV of future cash flows | PAA | Insurance
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items]
Insurance contract liabilities, beginning balance	15,848	15,233
Insurance contract assets, beginning balance	0	0
Insurance contracts liability (asset) at beginning of period	15,848	15,233
Increase (decrease) through insurance service expenses, insurance contracts liability (asset) [abstract]
Incurred claims and other expenses	14,897	11,806
Changes related to past service (changes in FCF related to liability for incurred claims)	(2,208)	309
Increase (decrease) through insurance service expenses, insurance contracts liability (asset)	12,689	12,115
Insurance service result	12,689	12,115
Increase (decrease) through insurance finance income or expenses, insurance contracts liability (asset)	755	994
Total changes recognized in income	13,444	13,109
Foreign currency translation	490	(161)
Total changes	13,934	12,948
Cash flows:
Amounts paid to policyholders and other insurance service expenses paid	(15,305)	(14,078)
Insurance acquisition cash flows	0	0
Fees received from segregated funds	0	0
Other	51	27
Total cash flows	(15,254)	(14,051)
Increase (decrease) through investment components excluded from insurance revenue and insurance service expense, insurance contracts liability (asset) [Abstract]
Actual investment component excluded from insurance service expense	2,575	2,279
Dispositions		(561)
Insurance contract assets, ending balance	(234)	0
Insurance contract liabilities, ending balance	16,869	15,848
Insurance contracts liability (asset) at end of period	17,103	15,848
Liability for incurred claims: | Estimates of PV of future cash flows | PAA | Reinsurance contracts held
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items]
Insurance contract liabilities, beginning balance	0	70
Insurance contract assets, beginning balance	319	450
Insurance contracts liability (asset) at beginning of period	(319)	(380)
Increase (decrease) through insurance service expenses, insurance contracts liability (asset) [abstract]
Increase (decrease) through effect of excluding changes in risk of non-performance by issuer of reinsurance contracts held, insurance contracts liability (asset)	717	580
Increase (decrease) through effect of changes in risk of non-performance by issuer of reinsurance contracts held, insurance contracts liability (asset)	0	0
Increase (decrease) through effect of income (expense) for reinsurance contracts held, insurance contracts liability (asset)	717	580
Increase (decrease) through insurance finance income or expenses, insurance contracts liability (asset)	(1)	25
Total changes recognized in income	716	605
Foreign currency translation	20	(22)
Total changes	736	583
Cash flows:
Increase (decrease) through incurred claims recovered and other insurance service expenses recovered under reinsurance contracts held, insurance contracts liability (asset)	(705)	(562)
Other	3	(2)
Total cash flows	(702)	(564)
Increase (decrease) through investment components excluded from insurance revenue and insurance service expense, insurance contracts liability (asset) [Abstract]
Actual investment component excluded from insurance service expense	28	25
Dispositions		(105)
Insurance contract assets, ending balance	381	319
Insurance contract liabilities, ending balance	0	0
Insurance contracts liability (asset) at end of period	(381)	(319)
Liability for incurred claims: | Risk adjustment | PAA | Insurance
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items]
Insurance contract liabilities, beginning balance	828	836
Insurance contract assets, beginning balance	0	0
Insurance contracts liability (asset) at beginning of period	828	836
Increase (decrease) through insurance service expenses, insurance contracts liability (asset) [abstract]
Incurred claims and other expenses	248	105
Changes related to past service (changes in FCF related to liability for incurred claims)	(248)	(163)
Increase (decrease) through insurance service expenses, insurance contracts liability (asset)	0	(58)
Insurance service result	0	(58)
Increase (decrease) through insurance finance income or expenses, insurance contracts liability (asset)	35	53
Total changes recognized in income	35	(5)
Foreign currency translation	3	(3)
Total changes	38	(8)
Cash flows:
Amounts paid to policyholders and other insurance service expenses paid	0	0
Insurance acquisition cash flows	0	0
Fees received from segregated funds	0	0
Other	0
Total cash flows	0	0
Increase (decrease) through investment components excluded from insurance revenue and insurance service expense, insurance contracts liability (asset) [Abstract]
Actual investment component excluded from insurance service expense	0	0
Insurance contract assets, ending balance	0	0
Insurance contract liabilities, ending balance	866	828
Insurance contracts liability (asset) at end of period	866	828
Liability for incurred claims: | Risk adjustment | PAA | Reinsurance contracts held
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items]
Insurance contract liabilities, beginning balance	0	(8)
Insurance contract assets, beginning balance	17	1
Insurance contracts liability (asset) at beginning of period	(17)	(9)
Increase (decrease) through insurance service expenses, insurance contracts liability (asset) [abstract]
Increase (decrease) through effect of excluding changes in risk of non-performance by issuer of reinsurance contracts held, insurance contracts liability (asset)	1	7
Increase (decrease) through effect of changes in risk of non-performance by issuer of reinsurance contracts held, insurance contracts liability (asset)	0	0
Increase (decrease) through effect of income (expense) for reinsurance contracts held, insurance contracts liability (asset)	1	7
Increase (decrease) through insurance finance income or expenses, insurance contracts liability (asset)	(1)	1
Total changes recognized in income	0	8
Foreign currency translation	0	0
Total changes	0	8
Increase (decrease) through investment components excluded from insurance revenue and insurance service expense, insurance contracts liability (asset) [Abstract]
Actual investment component excluded from insurance service expense	0	0
Dispositions		0
Insurance contract assets, ending balance	17	17
Insurance contract liabilities, ending balance	0	0
Insurance contracts liability (asset) at end of period	$ (17)	$ (17)

Insurance Contracts - Contractu

Insurance Contracts - Contractual Service Margin (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Insurance
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items]
Insurance contracts liability (asset) at beginning of period	$ 135,485	$ 131,219
Loss recoveries at initial recognition of onerous underlying contracts	119	70
Contracts initially recognized in the year	119	70
Insurance finance (income) expenses from insurance contracts issued	5,139	9,675
Foreign currency translation	4,645	(1,194)
Dispositions		(4,809)
Insurance contracts liability (asset) at end of period	146,914	135,485
Insurance | CSM
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items]
Contracts initially recognized in the year	1,448	1,259
Insurance | non-PAA
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items]
Insurance contracts liability (asset) at beginning of period	135,485	131,219
CSM recognized for services provided	(1,117)	(923)
Changes in estimates that adjust CSM	0	0
Contracts initially recognized in the year	119	70
Insurance finance (income) expenses from insurance contracts issued	4,342	8,648
Foreign currency translation	4,234	(1,058)
Dispositions	0	(4,238)
Insurance contracts liability (asset) at end of period	146,914	135,485
Insurance | non-PAA | CSM
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items]
Insurance contracts liability (asset) at beginning of period	11,845	10,970
CSM recognized for services provided	(1,117)	(923)
Changes in estimates that adjust CSM	474	914
Contracts initially recognized in the year	1,448	1,259
Insurance finance (income) expenses from insurance contracts issued	(97)	(8)
Foreign currency translation	475	(106)
Dispositions	0	(261)
Insurance contracts liability (asset) at end of period	13,028	11,845
Insurance | non-PAA | CSM | Canada
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items]
Insurance contracts liability (asset) at beginning of period	6,062	5,481
CSM recognized for services provided	(493)	(432)
Changes in estimates that adjust CSM	(1)	492
Contracts initially recognized in the year	512	552
Insurance finance (income) expenses from insurance contracts issued	(128)	(31)
Foreign currency translation	0	0
Dispositions		0
Insurance contracts liability (asset) at end of period	5,952	6,062
Insurance | non-PAA | CSM | U.S.
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items]
Insurance contracts liability (asset) at beginning of period	1,162	1,296
CSM recognized for services provided	(118)	(116)
Changes in estimates that adjust CSM	(101)	(128)
Contracts initially recognized in the year	0	0
Insurance finance (income) expenses from insurance contracts issued	10	20
Foreign currency translation	89	(29)
Dispositions		119
Insurance contracts liability (asset) at end of period	1,042	1,162
Insurance | non-PAA | CSM | Asia
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items]
Insurance contracts liability (asset) at beginning of period	4,621	3,811
CSM recognized for services provided	(506)	(365)
Changes in estimates that adjust CSM	576	555
Contracts initially recognized in the year	936	707
Insurance finance (income) expenses from insurance contracts issued	21	4
Foreign currency translation	386	(91)
Dispositions		0
Insurance contracts liability (asset) at end of period	6,034	4,621
Insurance | non-PAA | CSM | Corporate
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items]
Insurance contracts liability (asset) at beginning of period	0	382
CSM recognized for services provided	0	(10)
Changes in estimates that adjust CSM	0	(5)
Contracts initially recognized in the year	0	0
Insurance finance (income) expenses from insurance contracts issued	0	(1)
Foreign currency translation	0	14
Dispositions		(380)
Insurance contracts liability (asset) at end of period	0	0
Reinsurance contracts held
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items]
Insurance contracts liability (asset) at beginning of period	(4,171)	(4,512)
Contracts initially recognized in the year	0	0
Insurance finance (income) expenses from insurance contracts issued	51	59
Foreign currency translation	368	(171)
Dispositions		(120)
Insurance contracts liability (asset) at end of period	(4,493)	(4,171)
Reinsurance contracts held | CSM
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items]
Contracts initially recognized in the year	(64)	(57)
Reinsurance contracts held | non-PAA
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items]
Insurance contracts liability (asset) at beginning of period	(4,171)	(4,512)
CSM recognized for services provided	18	(4)
Changes in estimates that adjust CSM	0	0
Changes in estimates that relate to losses and reversals of losses on groups of underlying contracts	67	13
Contracts initially recognized in the year	0	0
Insurance finance (income) expenses from insurance contracts issued	52	45
Foreign currency translation	350	(97)
Dispositions	0	(33)
Insurance contracts liability (asset) at end of period	(4,493)	(4,171)
Reinsurance contracts held | non-PAA | CSM
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items]
Insurance contracts liability (asset) at beginning of period	(59)	(105)
CSM recognized for services provided	18	(4)
Changes in estimates that adjust CSM	(360)	(16)
Loss recoveries at initial recognition of onerous underlying contracts	44	35
Changes in estimates that relate to losses and reversals of losses on groups of underlying contracts	(47)	(4)
Contracts initially recognized in the year	(64)	(57)
Insurance finance (income) expenses from insurance contracts issued	(1)	1
Foreign currency translation	13	(2)
Dispositions	0	1
Insurance contracts liability (asset) at end of period	(338)	(59)
Reinsurance contracts held | non-PAA | CSM | Canada
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items]
Insurance contracts liability (asset) at beginning of period	32	(20)
CSM recognized for services provided	26	0
Changes in estimates that adjust CSM	(529)	78
Loss recoveries at initial recognition of onerous underlying contracts	43	34
Changes in estimates that relate to losses and reversals of losses on groups of underlying contracts	(46)	(3)
Contracts initially recognized in the year	(82)	(57)
Insurance finance (income) expenses from insurance contracts issued	(4)	0
Foreign currency translation	0	0
Dispositions		0
Insurance contracts liability (asset) at end of period	(560)	32
Reinsurance contracts held | non-PAA | CSM | U.S.
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items]
Insurance contracts liability (asset) at beginning of period	9	128
CSM recognized for services provided	(5)	(7)
Changes in estimates that adjust CSM	151	(113)
Loss recoveries at initial recognition of onerous underlying contracts	0	0
Changes in estimates that relate to losses and reversals of losses on groups of underlying contracts	0	0
Contracts initially recognized in the year	0	0
Insurance finance (income) expenses from insurance contracts issued	2	1
Foreign currency translation	9	0
Dispositions		0
Insurance contracts liability (asset) at end of period	166	9
Reinsurance contracts held | non-PAA | CSM | Asia
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items]
Insurance contracts liability (asset) at beginning of period	18	(7)
CSM recognized for services provided	(3)	1
Changes in estimates that adjust CSM	18	26
Loss recoveries at initial recognition of onerous underlying contracts	1	1
Changes in estimates that relate to losses and reversals of losses on groups of underlying contracts	(1)	(1)
Contracts initially recognized in the year	18	0
Insurance finance (income) expenses from insurance contracts issued	1	0
Foreign currency translation	4	(2)
Dispositions		0
Insurance contracts liability (asset) at end of period	56	18
Reinsurance contracts held | non-PAA | CSM | Corporate
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items]
Insurance contracts liability (asset) at beginning of period	0	4
CSM recognized for services provided	0	2
Changes in estimates that adjust CSM	0	(7)
Loss recoveries at initial recognition of onerous underlying contracts	0	0
Changes in estimates that relate to losses and reversals of losses on groups of underlying contracts	0	0
Contracts initially recognized in the year	0	0
Insurance finance (income) expenses from insurance contracts issued	0	0
Foreign currency translation	0	0
Dispositions		1
Insurance contracts liability (asset) at end of period	$ 0	$ 0

Insurance Contracts - Analysis

Insurance Contracts - Analysis of Insurance Revenue (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Amounts relating to changes in liabilities for remaining coverage:
Less: Amounts directly attributable to the acquisition and fulfillment of insurance contracts	$ (341)	$ (202)
Total insurance revenue for contracts not measured using the PAA	22,637	21,356
non-PAA
Amounts relating to changes in liabilities for remaining coverage:
Expected claims and other expenses	4,842	4,739
Release of risk adjustment	596	545
CSM recognized for services provided	1,117	923
Income taxes specifically chargeable to the policyholder	26	5
Less: Amounts directly attributable to the acquisition and fulfillment of insurance contracts	341	202
Total insurance revenue for contracts not measured using the PAA	6,922	6,414
PAA
Amounts relating to changes in liabilities for remaining coverage:
Total insurance revenue for contracts not measured using the PAA	15,715	14,942
Reportable segments | Canada
Amounts relating to changes in liabilities for remaining coverage:
Total insurance revenue for contracts not measured using the PAA	8,778	8,165
Reportable segments | Canada | non-PAA
Amounts relating to changes in liabilities for remaining coverage:
Expected claims and other expenses	3,084	2,924
Release of risk adjustment	353	344
CSM recognized for services provided	493	432
Income taxes specifically chargeable to the policyholder	(6)	5
Less: Amounts directly attributable to the acquisition and fulfillment of insurance contracts	190	90
Total insurance revenue for contracts not measured using the PAA	4,114	3,795
Reportable segments | Canada | PAA
Amounts relating to changes in liabilities for remaining coverage:
Total insurance revenue for contracts not measured using the PAA	4,664	4,370
Reportable segments | U.S.
Amounts relating to changes in liabilities for remaining coverage:
Total insurance revenue for contracts not measured using the PAA	12,296	11,721
Reportable segments | U.S. | non-PAA
Amounts relating to changes in liabilities for remaining coverage:
Expected claims and other expenses	1,112	1,092
Release of risk adjustment	61	32
CSM recognized for services provided	118	116
Income taxes specifically chargeable to the policyholder	0	0
Less: Amounts directly attributable to the acquisition and fulfillment of insurance contracts	0	0
Total insurance revenue for contracts not measured using the PAA	1,291	1,240
Reportable segments | U.S. | PAA
Amounts relating to changes in liabilities for remaining coverage:
Total insurance revenue for contracts not measured using the PAA	11,005	10,481
Reportable segments | Asia
Amounts relating to changes in liabilities for remaining coverage:
Total insurance revenue for contracts not measured using the PAA	1,554	1,385
Reportable segments | Asia | non-PAA
Amounts relating to changes in liabilities for remaining coverage:
Expected claims and other expenses	637	655
Release of risk adjustment	182	162
CSM recognized for services provided	506	365
Income taxes specifically chargeable to the policyholder	32	0
Less: Amounts directly attributable to the acquisition and fulfillment of insurance contracts	151	112
Total insurance revenue for contracts not measured using the PAA	1,508	1,294
Reportable segments | Asia | PAA
Amounts relating to changes in liabilities for remaining coverage:
Total insurance revenue for contracts not measured using the PAA	46	91
Reportable segments | Corporate
Amounts relating to changes in liabilities for remaining coverage:
Total insurance revenue for contracts not measured using the PAA	9	85
Reportable segments | Corporate | non-PAA
Amounts relating to changes in liabilities for remaining coverage:
Expected claims and other expenses	9	68
Release of risk adjustment	0	7
CSM recognized for services provided	0	10
Income taxes specifically chargeable to the policyholder	0	0
Less: Amounts directly attributable to the acquisition and fulfillment of insurance contracts	0	0
Total insurance revenue for contracts not measured using the PAA	9	85
Reportable segments | Corporate | PAA
Amounts relating to changes in liabilities for remaining coverage:
Total insurance revenue for contracts not measured using the PAA	0	0
Consolidation adjustments
Amounts relating to changes in liabilities for remaining coverage:
Total insurance revenue for contracts not measured using the PAA	$ 0	$ 0

Insurance Contracts - Impact of

Insurance Contracts - Impact of Method and Assumption Changes (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure of sensitivity analysis to changes in risk variables that arise from contracts within scope of IFRS 17 [line items]
Income impact	$ 86	$ 90
Deferred in CSM	30	318
Mortality / Morbidity
Disclosure of sensitivity analysis to changes in risk variables that arise from contracts within scope of IFRS 17 [line items]
Income impact	(79)	(115)
Deferred in CSM	206	179
Policyholder behaviour risk
Disclosure of sensitivity analysis to changes in risk variables that arise from contracts within scope of IFRS 17 [line items]
Income impact	(74)	(75)
Deferred in CSM	(152)	(274)
Expense
Disclosure of sensitivity analysis to changes in risk variables that arise from contracts within scope of IFRS 17 [line items]
Income impact	(36)	10
Deferred in CSM	(26)	(171)
Financial
Disclosure of sensitivity analysis to changes in risk variables that arise from contracts within scope of IFRS 17 [line items]
Income impact	10	163
Deferred in CSM	62	202
Model enhancements and other
Disclosure of sensitivity analysis to changes in risk variables that arise from contracts within scope of IFRS 17 [line items]
Income impact	265	107
Deferred in CSM	$ (60)	$ 382

Insurance Contracts - CSM and I

Insurance Contracts - CSM and Insurance Revenue by Transition Method (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure of reconciliation of changes in insurance contracts by components [abstract]
Insurance revenue	$ 2,704	$ 1,592
Insurance
Disclosure of reconciliation of changes in insurance contracts by components [abstract]
Insurance contracts liability (asset) at beginning of period	135,485	131,219
Loss recoveries at initial recognition of onerous underlying contracts	119	70
Contracts initially recognized in the year	119	70
Insurance finance (income) expenses from insurance contracts issued	5,139	9,675
Insurance contracts liability (asset) at end of period	146,914	135,485
Insurance revenue	5,520	4,401
Insurance | Contracts held at transition measured using the fair value approach
Disclosure of reconciliation of changes in insurance contracts by components [abstract]
Insurance contracts liability (asset) at beginning of period	9,701	10,205
CSM recognized for services provided	(906)	(822)
Changes in estimates that adjust CSM	506	703
Contracts initially recognized in the year	0	0
Insurance finance (income) expenses from insurance contracts issued	(147)	(39)
Foreign currency translation	329	(85)
Dispositions	0	(261)
Insurance contracts liability (asset) at end of period	9,483	9,701
Insurance revenue	5,765	5,716
Insurance | All other contracts
Disclosure of reconciliation of changes in insurance contracts by components [abstract]
Insurance contracts liability (asset) at beginning of period	2,144	765
CSM recognized for services provided	(211)	(101)
Changes in estimates that adjust CSM	(32)	211
Contracts initially recognized in the year	1,448	1,259
Insurance finance (income) expenses from insurance contracts issued	50	31
Foreign currency translation	146	(21)
Dispositions	0	0
Insurance contracts liability (asset) at end of period	3,545	2,144
Insurance revenue	16,872	15,640
Reinsurance contracts held
Disclosure of reconciliation of changes in insurance contracts by components [abstract]
Insurance contracts liability (asset) at beginning of period	(4,171)	(4,512)
Contracts initially recognized in the year	0	0
Insurance finance (income) expenses from insurance contracts issued	51	59
Insurance contracts liability (asset) at end of period	(4,493)	(4,171)
Insurance revenue	504	(181)
Reinsurance contracts held | Contracts held at transition measured using the fair value approach
Disclosure of reconciliation of changes in insurance contracts by components [abstract]
Insurance contracts liability (asset) at beginning of period	146	175
CSM recognized for services provided	7	(11)
Changes in estimates that adjust CSM	(344)	(22)
Loss recoveries at initial recognition of onerous underlying contracts	0	0
Changes in estimates that relate to losses and reversals of losses on groups of underlying contracts	(39)	3
Contracts initially recognized in the year	0	0
Insurance finance (income) expenses from insurance contracts issued	0	2
Foreign currency translation	7	(2)
Dispositions	0	1
Insurance contracts liability (asset) at end of period	(223)	146
Reinsurance contracts held | All other contracts
Disclosure of reconciliation of changes in insurance contracts by components [abstract]
Insurance contracts liability (asset) at beginning of period	(87)	(70)
CSM recognized for services provided	11	7
Changes in estimates that adjust CSM	(16)	6
Loss recoveries at initial recognition of onerous underlying contracts	44	35
Changes in estimates that relate to losses and reversals of losses on groups of underlying contracts	(8)	(7)
Contracts initially recognized in the year	(64)	(57)
Insurance finance (income) expenses from insurance contracts issued	(1)	(1)
Foreign currency translation	6	0
Dispositions	0	0
Insurance contracts liability (asset) at end of period	$ (115)	$ (87)

Insurance Contracts - Underlyin

Insurance Contracts - Underlying Items for Insurance Contracts Issued with Direct Participation Features (Details) - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Disclosure of Fair Value of Underlying Items For Contracts [Line Items]
Fair value of underlying items for contracts with direct participation features	$ 58,450	$ 51,210
Cash, cash equivalents and short-term securities
Disclosure of Fair Value of Underlying Items For Contracts [Line Items]
Fair value of underlying items for contracts with direct participation features	5,115	3,529
Debt securities
Disclosure of Fair Value of Underlying Items For Contracts [Line Items]
Fair value of underlying items for contracts with direct participation features	26,349	23,668
Equity securities
Disclosure of Fair Value of Underlying Items For Contracts [Line Items]
Fair value of underlying items for contracts with direct participation features	6,877	4,790
Mortgages and loans
Disclosure of Fair Value of Underlying Items For Contracts [Line Items]
Fair value of underlying items for contracts with direct participation features	11,518	10,746
Derivative assets
Disclosure of Fair Value of Underlying Items For Contracts [Line Items]
Fair value of underlying items for contracts with direct participation features	211	250
Other financial invested assets
Disclosure of Fair Value of Underlying Items For Contracts [Line Items]
Fair value of underlying items for contracts with direct participation features	2,666	2,260
Investment properties
Disclosure of Fair Value of Underlying Items For Contracts [Line Items]
Fair value of underlying items for contracts with direct participation features	$ 5,714	$ 5,967

Insurance Contracts - Insuran_4

Insurance Contracts - Insurance Service Expenses (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Insurance Contracts [Abstract]
Total incurred claims and other expenses	$ 20,163	$ 16,853
Less: Amounts directly attributable to the acquisition and fulfillment of insurance contracts	341	202
Insurance acquisition cash flows expensed as incurred	1,258	1,174
Changes related to future service (losses on onerous groups and reversals of such losses)	266	126
Changes related to past service (changes in FCF related to liability for incurred claims)	(2,397)	95
Total insurance service expenses	$ 19,631	$ 18,450

Insurance Contracts - Insuran_5

Insurance Contracts - Insurance Contracts Issued and Reinsurance Contracts Held (Details) - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Insurance
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items]
Contractual service margin	$ 13,028	$ 11,845
Insurance | Reportable segments | Canada
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items]
Contractual service margin	5,952	6,062
Insurance | Reportable segments | U.S.
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items]
Contractual service margin	1,042	1,162
Insurance | Reportable segments | Asia
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items]
Contractual service margin	6,034	4,621
Insurance | Reportable segments | Corporate
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items]
Contractual service margin	0	0
Insurance | Due in 1 year or less
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items]
Contractual service margin	1,051	975
Insurance | Due in 1 year or less | Reportable segments | Canada
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items]
Contractual service margin	450	476
Insurance | Due in 1 year or less | Reportable segments | U.S.
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items]
Contractual service margin	104	112
Insurance | Due in 1 year or less | Reportable segments | Asia
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items]
Contractual service margin	497	387
Insurance | Due in 1 year or less | Reportable segments | Corporate
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items]
Contractual service margin	0	0
Insurance | 1 Year to 3 Years
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items]
Contractual service margin	1,868	1,719
Insurance | 1 Year to 3 Years | Reportable segments | Canada
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items]
Contractual service margin	805	848
Insurance | 1 Year to 3 Years | Reportable segments | U.S.
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items]
Contractual service margin	180	194
Insurance | 1 Year to 3 Years | Reportable segments | Asia
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items]
Contractual service margin	883	677
Insurance | 1 Year to 3 Years | Reportable segments | Corporate
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items]
Contractual service margin	0	0
Insurance | 3 Years to 5 Years
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items]
Contractual service margin	1,591	1,459
Insurance | 3 Years to 5 Years | Reportable segments | Canada
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items]
Contractual service margin	692	726
Insurance | 3 Years to 5 Years | Reportable segments | U.S.
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items]
Contractual service margin	149	162
Insurance | 3 Years to 5 Years | Reportable segments | Asia
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items]
Contractual service margin	750	571
Insurance | 3 Years to 5 Years | Reportable segments | Corporate
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items]
Contractual service margin	0	0
Insurance | Due in years 6-10
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items]
Contractual service margin	2,973	2,747
Insurance | Due in years 6-10 | Reportable segments | Canada
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items]
Contractual service margin	1,325	1,378
Insurance | Due in years 6-10 | Reportable segments | U.S.
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items]
Contractual service margin	266	294
Insurance | Due in years 6-10 | Reportable segments | Asia
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items]
Contractual service margin	1,382	1,075
Insurance | Due in years 6-10 | Reportable segments | Corporate
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items]
Contractual service margin	0	0
Insurance | Due after 10 years
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items]
Contractual service margin	5,545	4,945
Insurance | Due after 10 years | Reportable segments | Canada
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items]
Contractual service margin	2,680	2,634
Insurance | Due after 10 years | Reportable segments | U.S.
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items]
Contractual service margin	343	400
Insurance | Due after 10 years | Reportable segments | Asia
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items]
Contractual service margin	2,522	1,911
Insurance | Due after 10 years | Reportable segments | Corporate
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items]
Contractual service margin	0	0
Reinsurance contracts held
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items]
Contractual service margin	338	(59)
Reinsurance contracts held | Reportable segments | Canada
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items]
Contractual service margin	560	(32)
Reinsurance contracts held | Reportable segments | U.S.
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items]
Contractual service margin	(166)	(9)
Reinsurance contracts held | Reportable segments | Asia
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items]
Contractual service margin	(56)	(18)
Reinsurance contracts held | Reportable segments | Corporate
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items]
Contractual service margin	0	0
Reinsurance contracts held | Due in 1 year or less
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items]
Contractual service margin	32	(6)
Reinsurance contracts held | Due in 1 year or less | Reportable segments | Canada
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items]
Contractual service margin	52	(2)
Reinsurance contracts held | Due in 1 year or less | Reportable segments | U.S.
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items]
Contractual service margin	(15)	(3)
Reinsurance contracts held | Due in 1 year or less | Reportable segments | Asia
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items]
Contractual service margin	(5)	(1)
Reinsurance contracts held | Due in 1 year or less | Reportable segments | Corporate
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items]
Contractual service margin	0	0
Reinsurance contracts held | 1 Year to 3 Years
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items]
Contractual service margin	57	(9)
Reinsurance contracts held | 1 Year to 3 Years | Reportable segments | Canada
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items]
Contractual service margin	92	(3)
Reinsurance contracts held | 1 Year to 3 Years | Reportable segments | U.S.
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items]
Contractual service margin	(26)	(4)
Reinsurance contracts held | 1 Year to 3 Years | Reportable segments | Asia
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items]
Contractual service margin	(9)	(2)
Reinsurance contracts held | 1 Year to 3 Years | Reportable segments | Corporate
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items]
Contractual service margin	0	0
Reinsurance contracts held | 3 Years to 5 Years
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items]
Contractual service margin	47	(8)
Reinsurance contracts held | 3 Years to 5 Years | Reportable segments | Canada
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items]
Contractual service margin	77	(3)
Reinsurance contracts held | 3 Years to 5 Years | Reportable segments | U.S.
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items]
Contractual service margin	(22)	(3)
Reinsurance contracts held | 3 Years to 5 Years | Reportable segments | Asia
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items]
Contractual service margin	(8)	(2)
Reinsurance contracts held | 3 Years to 5 Years | Reportable segments | Corporate
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items]
Contractual service margin	0	0
Reinsurance contracts held | Due in years 6-10
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items]
Contractual service margin	82	(13)
Reinsurance contracts held | Due in years 6-10 | Reportable segments | Canada
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items]
Contractual service margin	138	(7)
Reinsurance contracts held | Due in years 6-10 | Reportable segments | U.S.
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items]
Contractual service margin	(42)	(2)
Reinsurance contracts held | Due in years 6-10 | Reportable segments | Asia
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items]
Contractual service margin	(14)	(4)
Reinsurance contracts held | Due in years 6-10 | Reportable segments | Corporate
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items]
Contractual service margin	0	0
Reinsurance contracts held | Due after 10 years
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items]
Contractual service margin	120	(23)
Reinsurance contracts held | Due after 10 years | Reportable segments | Canada
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items]
Contractual service margin	201	(17)
Reinsurance contracts held | Due after 10 years | Reportable segments | U.S.
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items]
Contractual service margin	(61)	3
Reinsurance contracts held | Due after 10 years | Reportable segments | Asia
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items]
Contractual service margin	(20)	(9)
Reinsurance contracts held | Due after 10 years | Reportable segments | Corporate
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items]
Contractual service margin	$ 0	$ 0

Insurance Contracts - Contracts

Insurance Contracts - Contracts Initially Recognized in the Period (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Insurance
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Total contracts initially recognized in the period (excluding acquisitions)	$ 119	$ 70
Total onerous contracts	119	70
Insurance | Reportable segments | Canada
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Total contracts initially recognized in the period (excluding acquisitions)	112	61
Total onerous contracts	112	61
Insurance | Reportable segments | U.S.
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Total contracts initially recognized in the period (excluding acquisitions)	0	0
Total onerous contracts	0	0
Insurance | Reportable segments | Asia
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Total contracts initially recognized in the period (excluding acquisitions)	7	9
Total onerous contracts	7	9
Insurance | Reportable segments | Corporate
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Total contracts initially recognized in the period (excluding acquisitions)	0	0
Total onerous contracts	0	0
Insurance | Estimates of present value of future cash inflows
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Total contracts initially recognized in the period (excluding acquisitions)	(17,721)	(15,745)
Total onerous contracts	(1,278)	(2,107)
Insurance | Estimates of present value of future cash inflows | Reportable segments | Canada
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Total contracts initially recognized in the period (excluding acquisitions)	(9,182)	(9,564)
Total onerous contracts	(1,186)	(1,978)
Insurance | Estimates of present value of future cash inflows | Reportable segments | U.S.
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Total contracts initially recognized in the period (excluding acquisitions)	0	0
Total onerous contracts	0	0
Insurance | Estimates of present value of future cash inflows | Reportable segments | Asia
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Total contracts initially recognized in the period (excluding acquisitions)	(8,539)	(6,181)
Total onerous contracts	(92)	(129)
Insurance | Estimates of present value of future cash inflows | Reportable segments | Corporate
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Total contracts initially recognized in the period (excluding acquisitions)	0	0
Total onerous contracts	0	0
Insurance | Insurance acquisition cash flows
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Total contracts initially recognized in the period (excluding acquisitions)	2,777	2,286
Total onerous contracts	122	102
Insurance | Insurance acquisition cash flows | Reportable segments | Canada
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Total contracts initially recognized in the period (excluding acquisitions)	1,033	1,009
Total onerous contracts	101	77
Insurance | Insurance acquisition cash flows | Reportable segments | U.S.
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Total contracts initially recognized in the period (excluding acquisitions)	0	0
Total onerous contracts	0	0
Insurance | Insurance acquisition cash flows | Reportable segments | Asia
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Total contracts initially recognized in the period (excluding acquisitions)	1,744	1,277
Total onerous contracts	21	25
Insurance | Insurance acquisition cash flows | Reportable segments | Corporate
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Total contracts initially recognized in the period (excluding acquisitions)	0	0
Total onerous contracts	0	0
Insurance | Other cash outflows
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Total contracts initially recognized in the period (excluding acquisitions)	13,085	11,757
Total onerous contracts	1,146	1,953
Insurance | Other cash outflows | Reportable segments | Canada
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Total contracts initially recognized in the period (excluding acquisitions)	7,456	7,804
Total onerous contracts	1,076	1,845
Insurance | Other cash outflows | Reportable segments | U.S.
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Total contracts initially recognized in the period (excluding acquisitions)	0	0
Total onerous contracts	0	0
Insurance | Other cash outflows | Reportable segments | Asia
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Total contracts initially recognized in the period (excluding acquisitions)	5,629	3,953
Total onerous contracts	70	108
Insurance | Other cash outflows | Reportable segments | Corporate
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Total contracts initially recognized in the period (excluding acquisitions)	0	0
Total onerous contracts	0	0
Insurance | Risk adjustment
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Total contracts initially recognized in the period (excluding acquisitions)	530	513
Total onerous contracts	129	122
Insurance | Risk adjustment | Reportable segments | Canada
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Total contracts initially recognized in the period (excluding acquisitions)	293	260
Total onerous contracts	121	117
Insurance | Risk adjustment | Reportable segments | U.S.
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Total contracts initially recognized in the period (excluding acquisitions)	0	0
Total onerous contracts	0	0
Insurance | Risk adjustment | Reportable segments | Asia
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Total contracts initially recognized in the period (excluding acquisitions)	237	253
Total onerous contracts	8	5
Insurance | Risk adjustment | Reportable segments | Corporate
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Total contracts initially recognized in the period (excluding acquisitions)	0	0
Total onerous contracts	0	0
Insurance | CSM
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Total contracts initially recognized in the period (excluding acquisitions)	1,448	1,259
Insurance | CSM | Reportable segments | Canada
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Total contracts initially recognized in the period (excluding acquisitions)	512	552
Insurance | CSM | Reportable segments | U.S.
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Total contracts initially recognized in the period (excluding acquisitions)	0	0
Insurance | CSM | Reportable segments | Asia
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Total contracts initially recognized in the period (excluding acquisitions)	936	707
Insurance | CSM | Reportable segments | Corporate
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Total contracts initially recognized in the period (excluding acquisitions)	0	0
Reinsurance contracts held
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Total contracts initially recognized in the period (excluding acquisitions)	0	0
Reinsurance contracts held | Loss component
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Total contracts initially recognized in the period (excluding acquisitions)	0	0
Total onerous contracts	44	35
Reinsurance contracts held | Reportable segments | Canada
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Total contracts initially recognized in the period (excluding acquisitions)	0	0
Reinsurance contracts held | Reportable segments | Canada | Loss component
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Total contracts initially recognized in the period (excluding acquisitions)	0	0
Total onerous contracts	43	34
Reinsurance contracts held | Reportable segments | U.S.
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Total contracts initially recognized in the period (excluding acquisitions)	0	0
Reinsurance contracts held | Reportable segments | U.S. | Loss component
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Total contracts initially recognized in the period (excluding acquisitions)	0	0
Total onerous contracts	0	0
Reinsurance contracts held | Reportable segments | Asia
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Total contracts initially recognized in the period (excluding acquisitions)	0	0
Reinsurance contracts held | Reportable segments | Asia | Loss component
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Total contracts initially recognized in the period (excluding acquisitions)	0	0
Total onerous contracts	1	1
Reinsurance contracts held | Reportable segments | Corporate
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Total contracts initially recognized in the period (excluding acquisitions)	0	0
Reinsurance contracts held | Reportable segments | Corporate | Loss component
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Total contracts initially recognized in the period (excluding acquisitions)	0	0
Total onerous contracts	0	0
Reinsurance contracts held | Estimates of present value of future cash inflows
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Total contracts initially recognized in the period (excluding acquisitions)	564	349
Reinsurance contracts held | Estimates of present value of future cash inflows | Loss component
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Total contracts initially recognized in the period (excluding acquisitions)	158	149
Reinsurance contracts held | Estimates of present value of future cash inflows | Reportable segments | Canada
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Total contracts initially recognized in the period (excluding acquisitions)	275	264
Reinsurance contracts held | Estimates of present value of future cash inflows | Reportable segments | Canada | Loss component
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Total contracts initially recognized in the period (excluding acquisitions)	155	148
Reinsurance contracts held | Estimates of present value of future cash inflows | Reportable segments | U.S.
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Total contracts initially recognized in the period (excluding acquisitions)	0	0
Reinsurance contracts held | Estimates of present value of future cash inflows | Reportable segments | U.S. | Loss component
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Total contracts initially recognized in the period (excluding acquisitions)	0	0
Reinsurance contracts held | Estimates of present value of future cash inflows | Reportable segments | Asia
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Total contracts initially recognized in the period (excluding acquisitions)	289	85
Reinsurance contracts held | Estimates of present value of future cash inflows | Reportable segments | Asia | Loss component
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Total contracts initially recognized in the period (excluding acquisitions)	3	1
Reinsurance contracts held | Estimates of present value of future cash inflows | Reportable segments | Corporate
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Total contracts initially recognized in the period (excluding acquisitions)	0	0
Reinsurance contracts held | Estimates of present value of future cash inflows | Reportable segments | Corporate | Loss component
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Total contracts initially recognized in the period (excluding acquisitions)	0	0
Reinsurance contracts held | Estimates of present value of future cash outflows, premiums and other expenses
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Total contracts initially recognized in the period (excluding acquisitions)	(620)	(394)
Reinsurance contracts held | Estimates of present value of future cash outflows, premiums and other expenses | Loss component
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Total contracts initially recognized in the period (excluding acquisitions)	(148)	(148)
Reinsurance contracts held | Estimates of present value of future cash outflows, premiums and other expenses | Reportable segments | Canada
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Total contracts initially recognized in the period (excluding acquisitions)	(275)	(277)
Reinsurance contracts held | Estimates of present value of future cash outflows, premiums and other expenses | Reportable segments | Canada | Loss component
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Total contracts initially recognized in the period (excluding acquisitions)	(145)	(147)
Reinsurance contracts held | Estimates of present value of future cash outflows, premiums and other expenses | Reportable segments | U.S.
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Total contracts initially recognized in the period (excluding acquisitions)	0	0
Reinsurance contracts held | Estimates of present value of future cash outflows, premiums and other expenses | Reportable segments | U.S. | Loss component
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Total contracts initially recognized in the period (excluding acquisitions)	0	0
Reinsurance contracts held | Estimates of present value of future cash outflows, premiums and other expenses | Reportable segments | Asia
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Total contracts initially recognized in the period (excluding acquisitions)	(345)	(117)
Reinsurance contracts held | Estimates of present value of future cash outflows, premiums and other expenses | Reportable segments | Asia | Loss component
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Total contracts initially recognized in the period (excluding acquisitions)	(3)	(1)
Reinsurance contracts held | Estimates of present value of future cash outflows, premiums and other expenses | Reportable segments | Corporate
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Total contracts initially recognized in the period (excluding acquisitions)	0	0
Reinsurance contracts held | Estimates of present value of future cash outflows, premiums and other expenses | Reportable segments | Corporate | Loss component
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Total contracts initially recognized in the period (excluding acquisitions)	0	0
Reinsurance contracts held | Risk adjustment
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Total contracts initially recognized in the period (excluding acquisitions)	120	102
Reinsurance contracts held | Risk adjustment | Loss component
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Total contracts initially recognized in the period (excluding acquisitions)	56	45
Reinsurance contracts held | Risk adjustment | Reportable segments | Canada
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Total contracts initially recognized in the period (excluding acquisitions)	82	70
Reinsurance contracts held | Risk adjustment | Reportable segments | Canada | Loss component
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Total contracts initially recognized in the period (excluding acquisitions)	56	45
Reinsurance contracts held | Risk adjustment | Reportable segments | U.S.
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Total contracts initially recognized in the period (excluding acquisitions)	0	0
Reinsurance contracts held | Risk adjustment | Reportable segments | U.S. | Loss component
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Total contracts initially recognized in the period (excluding acquisitions)	0	0
Reinsurance contracts held | Risk adjustment | Reportable segments | Asia
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Total contracts initially recognized in the period (excluding acquisitions)	38	32
Reinsurance contracts held | Risk adjustment | Reportable segments | Asia | Loss component
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Total contracts initially recognized in the period (excluding acquisitions)	0	0
Reinsurance contracts held | Risk adjustment | Reportable segments | Corporate
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Total contracts initially recognized in the period (excluding acquisitions)	0	0
Reinsurance contracts held | Risk adjustment | Reportable segments | Corporate | Loss component
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Total contracts initially recognized in the period (excluding acquisitions)	0	0
Reinsurance contracts held | CSM
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Total contracts initially recognized in the period (excluding acquisitions)	(64)	(57)
Reinsurance contracts held | CSM | Loss component
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Total contracts initially recognized in the period (excluding acquisitions)	(66)	(46)
Reinsurance contracts held | CSM | Reportable segments | Canada
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Total contracts initially recognized in the period (excluding acquisitions)	(82)	(57)
Reinsurance contracts held | CSM | Reportable segments | Canada | Loss component
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Total contracts initially recognized in the period (excluding acquisitions)	(66)	(46)
Reinsurance contracts held | CSM | Reportable segments | U.S.
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Total contracts initially recognized in the period (excluding acquisitions)	0	0
Reinsurance contracts held | CSM | Reportable segments | U.S. | Loss component
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Total contracts initially recognized in the period (excluding acquisitions)	0	0
Reinsurance contracts held | CSM | Reportable segments | Asia
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Total contracts initially recognized in the period (excluding acquisitions)	18	0
Reinsurance contracts held | CSM | Reportable segments | Asia | Loss component
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Total contracts initially recognized in the period (excluding acquisitions)	0	0
Reinsurance contracts held | CSM | Reportable segments | Corporate
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Total contracts initially recognized in the period (excluding acquisitions)	0	0
Reinsurance contracts held | CSM | Reportable segments | Corporate | Loss component
Disclosure of reconciliation of changes in insurance contracts by components [line items]
Total contracts initially recognized in the period (excluding acquisitions)	$ 0	$ 0

Other Liabilities - Schedule of

Other Liabilities - Schedule of Other Liabilities (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure of detailed information about borrowings [line items]
Accounts payable	$ 2,559	$ 2,493
Bank overdrafts and cash pooling	175	0
Repurchase agreements	2,840	2,705
Accrued expenses and taxes	4,904	4,433
Credit facilities	2,126	2,330
Borrowed funds	361	333
Accrued post-retirement benefit liability	351	355
Secured borrowings from mortgage securitization	1,854	2,119
Lease liabilities	946	989
Other financial liabilities	2,265	2,449
Obligations for securities borrowing	239	223
Collateralized loan obligation	5,028	3,247
Deferred payments liability	197	240
Other	2,447	1,739
Total other liabilities	26,292	23,655
Interest expense on borrowings	148	167
Interest expenses	664	552
Borrowed funds
Disclosure of detailed information about borrowings [line items]
Interest expense on borrowings	13	14
Net cash flow changes	23	(72)
Foreign exchange rate movements	5	2
Other financial liabilities
Disclosure of detailed information about borrowings [line items]
Interest expenses	$ 87	$ 91

Other Liabilities - Narrative (

Other Liabilities - Narrative (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure of information about consolidated structured entities [line items]
Increase in contingent liability	$ (331)	$ 48
Interest expense on borrowings	148	167
Borrowed funds
Disclosure of information about consolidated structured entities [line items]
Interest expense on borrowings	$ 13	$ 14

Other Liabilities - Schedule _2

Other Liabilities - Schedule of Borrowings (Details) - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Disclosure of detailed information about borrowings [line items]
Borrowed funds	$ 361	$ 333
Encumbrance on real estate - maturing in 2029
Disclosure of detailed information about borrowings [line items]
Borrowed funds	294	258
Encumbrances on real estate in US Dollars, Maturing in 2024
Disclosure of detailed information about borrowings [line items]
Borrowed funds	$ 67	$ 75

Senior Debentures and Innovat_3

Senior Debentures and Innovative Capital Instruments - Senior Debentures (Details) - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Disclosure of detailed information about borrowings [line items]
Borrowings outstanding	$ 6,179	$ 6,178
Fair value of borrowings outstanding	6,179	5,888
Senior Debentures
Disclosure of detailed information about borrowings [line items]
Fair value of borrowings outstanding	$ 228	220
Sun Life Assurance Series B Senior Debentures Issued June 25, 2002
Disclosure of detailed information about borrowings [line items]
Interest rate	7.093%
Borrowings outstanding	$ 200	$ 200
Government of Canada Bond Yield | Sun Life Assurance Series B Senior Debentures Issued June 25, 2002
Disclosure of detailed information about borrowings [line items]
Adjustment to interest rate basis	0.32%

Senior Debentures and Innovat_4

Senior Debentures and Innovative Capital Instruments - Narrative (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Senior Debentures
Disclosure of detailed information about borrowings [line items]
Interest expense on subordinated debt	$ 14	$ 14
Sun Life ExchangEable Capital Securities | Non-Cumulative Perpetual Preferred Shares
Disclosure of detailed information about borrowings [line items]
Borrowings, convertible, number of equity instruments (in shares)	40

Senior Debentures and Innovat_5

Senior Debentures and Innovative Capital Instruments - Innovative Capital Instruments (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure of detailed information about borrowings [line items]
Principal amount		$ 9,159
Sun Life Capital Trust SLEECS B
Disclosure of detailed information about borrowings [line items]
Principal amount	$ 200
Annual yield | Sun Life Capital Trust SLEECS B
Disclosure of detailed information about borrowings [line items]
Annual yield	7.093%
Government of Canada Bond Yield | Sun Life Capital Trust SLEECS B
Disclosure of detailed information about borrowings [line items]
Adjustment to interest rate basis	0.32%
Non-Cumulative Perpetual Preferred Shares | Sun Life Capital Trust SLEECS B
Disclosure of detailed information about borrowings [line items]
Borrowings, convertible, number of equity instruments (in shares)	40

Subordinated Debt - Obligations

Subordinated Debt - Obligations Included in Subordinated Debt (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Aug. 13, 2024
Disclosure of detailed information about borrowings [line items]
Borrowings outstanding	$ 6,179	$ 6,178
Fair value of borrowings outstanding	$ 6,179	5,888
Borrowings term	5 years
Subordinated debt
Disclosure of detailed information about borrowings [line items]
Borrowings outstanding	$ 6,179	6,178
Interest expense on subordinated debt	$ 223	213
Subordinated Debt Issued May 15, 1998
Disclosure of detailed information about borrowings [line items]
Interest rate	6.30%
Borrowings outstanding	$ 150	150
Subordinated Debt Issued May 29, 2007
Disclosure of detailed information about borrowings [line items]
Interest rate	5.40%
Borrowings outstanding	$ 399	398
Subordinated Debt Issued August 13, 2019
Disclosure of detailed information about borrowings [line items]
Interest rate	2.38%
Borrowings outstanding	$ 0	750	$ 750
Subordinated Debt Issued May 8, 2020
Disclosure of detailed information about borrowings [line items]
Interest rate	2.58%
Borrowings outstanding	$ 998	997
Subordinated Debt Issued October 1, 2020
Disclosure of detailed information about borrowings [line items]
Interest rate	2.06%
Borrowings outstanding	$ 747	747
Subordinated Debt Issued November 18, 2021, Redemption November 18, 2026
Disclosure of detailed information about borrowings [line items]
Interest rate	2.46%
Borrowings outstanding	$ 499	498
Subordinated Debt Issued November 18, 2021, Redemption November 21, 2028
Disclosure of detailed information about borrowings [line items]
Interest rate	2.80%
Borrowings outstanding	$ 997	996
Subordinated Debt Issued November 18, 2021, Redemption November 18, 2031
Disclosure of detailed information about borrowings [line items]
Interest rate	3.15%
Borrowings outstanding	$ 498	498
Subordinated Debt Issued August 10, 2022
Disclosure of detailed information about borrowings [line items]
Interest rate	4.78%
Borrowings outstanding	$ 648	647
Sun Life Financial Inc. Subordinated Debt Issued July 4, 2023
Disclosure of detailed information about borrowings [line items]
Interest rate	5.50%
Borrowings outstanding	$ 497	497
Sun Life Financial Inc. Subordinated Debt Issued May 15, 2024
Disclosure of detailed information about borrowings [line items]
Interest rate	5.12%
Borrowings outstanding	$ 746	$ 0
Government of Canada Bond Yield | Subordinated Debt Issued May 15, 1998
Disclosure of detailed information about borrowings [line items]
Adjustment to interest rate basis	0.16%
Canadian Dollar Offered Rate (CDOR) | Subordinated Debt Issued May 8, 2020
Disclosure of detailed information about borrowings [line items]
Adjustment to interest rate basis	1.66%
Canadian Dollar Offered Rate (CDOR) | Subordinated Debt Issued October 1, 2020
Disclosure of detailed information about borrowings [line items]
Adjustment to interest rate basis	1.03%
Canadian Dollar Offered Rate (CDOR) | Subordinated Debt Issued November 18, 2021, Redemption November 21, 2028
Disclosure of detailed information about borrowings [line items]
Adjustment to interest rate basis	0.69%
Canadian Dollar Offered Rate (CDOR) | Subordinated Debt Issued November 18, 2021, Redemption November 18, 2031
Disclosure of detailed information about borrowings [line items]
Adjustment to interest rate basis	0.91%
Canada Overnight Repo Rate Average (CORRA) | Subordinated Debt Issued August 10, 2022
Disclosure of detailed information about borrowings [line items]
Adjustment to interest rate basis	1.96%
Canada Overnight Repo Rate Average (CORRA) | Sun Life Financial Inc. Subordinated Debt Issued July 4, 2023
Disclosure of detailed information about borrowings [line items]
Adjustment to interest rate basis	1.93%
Canada Overnight Repo Rate Average (CORRA) | Sun Life Financial Inc. Subordinated Debt Issued May 15, 2024
Disclosure of detailed information about borrowings [line items]
Adjustment to interest rate basis	1.46%
After earliest par call or redemption date | Canadian Dollar Offered Rate (CDOR) | Subordinated Debt Issued May 29, 2007
Disclosure of detailed information about borrowings [line items]
Adjustment to interest rate basis	1%
After earliest par call or redemption date | Canadian Dollar Offered Rate (CDOR) | Subordinated Debt Issued November 18, 2021, Redemption November 18, 2026
Disclosure of detailed information about borrowings [line items]
Adjustment to interest rate basis	0.44%
Before earliest par call or redemption date | Government of Canada Bond Yield | Subordinated Debt Issued May 29, 2007
Disclosure of detailed information about borrowings [line items]
Adjustment to interest rate basis	0.25%
Before earliest par call or redemption date | Government of Canada Bond Yield | Subordinated Debt Issued May 8, 2020
Disclosure of detailed information about borrowings [line items]
Adjustment to interest rate basis	0.515%
Before earliest par call or redemption date | Government of Canada Bond Yield | Subordinated Debt Issued October 1, 2020
Disclosure of detailed information about borrowings [line items]
Adjustment to interest rate basis	0.38%
Before earliest par call or redemption date | Government of Canada Bond Yield | Subordinated Debt Issued November 18, 2021, Redemption November 21, 2028
Disclosure of detailed information about borrowings [line items]
Adjustment to interest rate basis	0.285%
Before earliest par call or redemption date | Government of Canada Bond Yield | Subordinated Debt Issued November 18, 2021, Redemption November 18, 2031
Disclosure of detailed information about borrowings [line items]
Adjustment to interest rate basis	0.335%
Before earliest par call or redemption date | Government of Canada Bond Yield | Sun Life Financial Inc. Subordinated Debt Issued August 10, 2027 and August 10, 2029
Disclosure of detailed information about borrowings [line items]
Adjustment to interest rate basis	0.52%
Before earliest par call or redemption date | Government of Canada Bond Yield | Sun Life Financial Inc. Subordinated Debt Issued July 4, 2028 and July 4, 2030
Disclosure of detailed information about borrowings [line items]
Adjustment to interest rate basis	0.525%
Before earliest par call or redemption date | Government of Canada Bond Yield | Sun Life Financial Inc. Subordinated Debt Issued May 15, 2029 and May 15, 2031
Disclosure of detailed information about borrowings [line items]
Adjustment to interest rate basis	0.355%

Share Capital - Narrative (Deta

Share Capital - Narrative (Details) $ / shares in Units, shares in Millions	12 Months Ended
	Dec. 31, 2024 CAD ($) series $ / shares shares	Dec. 31, 2023 CAD ($) $ / shares shares	Aug. 29, 2023 shares
Disclosure of classes of share capital [line items]
Aggregate liquidation entitlement amount	$ 200,000,000
Number of shares authorised for purchase and cancellation (in shares) | shares			17
Common shares purchased for cancellation (in shares) | shares	11.5	2.8
Purchase and cancellation of treasury shares (cad per share) | $ / shares	$ 74.27	$ 66.61
Cancellation of treasury shares	$ 855,000,000	$ 186,000,000
Income taxes	$ 16,000,000	$ 0
Preferred shares
Disclosure of classes of share capital [line items]
Number of class series | series	14
Number of class series outstanding | series	8

Share Capital - Common Shares (

Share Capital - Common Shares (Details) shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2024 CAD ($) shares	Dec. 31, 2023 CAD ($) shares
Reconciliation of Number of Shares Outstanding [Roll Forward]
Stock options exercised (in shares)	708	951
Common shares purchased for cancellation (in shares)	(11,500)	(2,800)
Common shares
Reconciliation of Number of Shares Outstanding [Roll Forward]
Number of shares outstanding, beginning of year (in shares)	584,600	586,400
Stock options exercised (in shares)	800	1,000
Common shares purchased for cancellation (in shares)	(11,500)	(2,800)
Number of shares outstanding, end of year (in shares)	573,900	584,600
Balance, beginning of year | $	$ 8,327	$ 8,311
Stock options exercised | $	47	56
Common shares purchased for cancellation | $	(182)	(40)
Balance, end of year | $	$ 8,192	$ 8,327

Share Capital - Preferred Share

Share Capital - Preferred Shares (Details) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2024 CAD ($) $ / shares shares
Preferred shares
Disclosure of classes of share capital [line items]
Number of shares (in shares) | shares	52.2
Face amount	$ 2,280
Net amount	$ 2,239
Series 3
Disclosure of classes of share capital [line items]
Annual dividend rate	4.45%
Annual dividend per share (in CAD per share) | $ / shares	$ 1.11
Number of shares (in shares) | shares	10
Face amount	$ 250
Net amount	$ 245
Series 4
Disclosure of classes of share capital [line items]
Annual dividend rate	4.45%
Annual dividend per share (in CAD per share) | $ / shares	$ 1.11
Number of shares (in shares) | shares	12
Face amount	$ 300
Net amount	$ 293
Series 5
Disclosure of classes of share capital [line items]
Annual dividend rate	4.50%
Annual dividend per share (in CAD per share) | $ / shares	$ 1.13
Number of shares (in shares) | shares	10
Face amount	$ 250
Net amount	$ 245
Series 8R
Disclosure of classes of share capital [line items]
Annual dividend rate	1.825%
Annual dividend per share (in CAD per share) | $ / shares	$ 0.46
Number of shares (in shares) | shares	6.2
Face amount	$ 155
Net amount	$ 152
Annual dividend rate spread	1.41%
Series 9QR
Disclosure of classes of share capital [line items]
Number of shares (in shares) | shares	5
Face amount	$ 125
Net amount	$ 122
Annual dividend rate spread	1.41%
Series 10R
Disclosure of classes of share capital [line items]
Annual dividend rate	2.967%
Annual dividend per share (in CAD per share) | $ / shares	$ 0.74
Number of shares (in shares) | shares	6.8
Face amount	$ 171
Net amount	$ 167
Annual dividend rate spread	2.17%
Series 11QR
Disclosure of classes of share capital [line items]
Number of shares (in shares) | shares	1.2
Face amount	$ 29
Net amount	$ 28
Annual dividend rate spread	2.17%
Series 8R, Series 10R and Series 12R
Disclosure of classes of share capital [line items]
Redemption price per share (in CAD per share) | $ / shares	$ 25
Series 9QR and Series 11QR- on redemption date and every five years thereafter
Disclosure of classes of share capital [line items]
Redemption price per share (in CAD per share) | $ / shares	25
Preference Shares, Class A, Series 9QR and Series 11QR - on any other date
Disclosure of classes of share capital [line items]
Redemption price per share (in CAD per share) | $ / shares	$ 25.50
Series 2021-1
Disclosure of classes of share capital [line items]
Annual dividend rate	3.60%
Number of shares (in shares) | shares	1
Face amount	$ 1,000
Net amount	$ 987
Annual dividend rate spread	2.604%

Interests in Other Entities - N

Interests in Other Entities - Narrative (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure Of Joint Ventures And Associates [Line Items]
Dividends received from investments accounted for using equity method, classified as investing activities	$ 160	$ 32
Debentures issued	$ 200	200
Bottom of range
Disclosure Of Joint Ventures And Associates [Line Items]
Interest in joint ventures and associates	24.99%
Top of range
Disclosure Of Joint Ventures And Associates [Line Items]
Interest in joint ventures and associates	50%
Canadian real estate joint ventures
Disclosure Of Joint Ventures And Associates [Line Items]
Increase in equity method investments	$ 17	75
Total for all joint operations
Disclosure Of Joint Ventures And Associates [Line Items]
Investment properties and other assets	2,060	2,100
Fair value of jointly controlled assets	2,114	2,200
Joint ventures where entity is venturer
Disclosure Of Joint Ventures And Associates [Line Items]
Rental payments	19	19
Future rental payments to joint ventures and associates	$ 151
Rental lease term	8 years
Debentures issued	$ 115	$ 64
Joint ventures where entity is venturer | Bottom of range
Disclosure Of Joint Ventures And Associates [Line Items]
Interest rate	7.30%
Joint ventures where entity is venturer | Top of range
Disclosure Of Joint Ventures And Associates [Line Items]
Interest rate	8.20%

Interests in Other Entities - F

Interests in Other Entities - Financial Information of Joint Ventures and Associates (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Interests In Other Entities [Abstract]
Carrying amount of interests in joint ventures and associates	$ 1,796	$ 1,628
Our share of:
Net income (loss)	19	94
Other comprehensive income (loss)	194	(37)
Total comprehensive income (loss)	$ 213	$ 57

Interests in Other Entities - I

Interests in Other Entities - Interest in Unconsolidated Structured Entities (Details) - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Total for all joint ventures | Investment funds
Disclosure of unconsolidated structured entities [line items]
Carrying amount	$ 99	$ 97
Debt securities | Securitization entities - third-party managed
Disclosure of unconsolidated structured entities [line items]
Carrying amount	12,406	9,931
Maximum exposure to loss	12,406	9,931
Cash, cash equivalents and short-term securities | Securitization entities - third-party managed
Disclosure of unconsolidated structured entities [line items]
Carrying amount	1,048	539
Maximum exposure to loss	1,048	539
Equity securities | Investment funds - third-party managed
Disclosure of unconsolidated structured entities [line items]
Carrying amount	8,494	5,869
Maximum exposure to loss	8,494	5,869
Equity securities and Other invested assets | Investment funds – company managed
Disclosure of unconsolidated structured entities [line items]
Carrying amount	4,119	3,484
Maximum exposure to loss	4,119	3,484
Other non-financial invested assets | Limited partnerships - third-party managed
Disclosure of unconsolidated structured entities [line items]
Carrying amount	3,292	3,128
Maximum exposure to loss	$ 3,292	$ 3,128

Fee Income - Schedule of Fee In

Fee Income - Schedule of Fee Income (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Analysis of income and expense [abstract]
Distribution fees	$ 1,026	$ 973
Fund management and other asset-based fees	6,089	5,595
Administrative service and other fees	1,466	1,264
Total fee income	$ 8,581	$ 7,832

Operating Expenses and Commis_3

Operating Expenses and Commissions - Schedule of Operating Expenses (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Operating expenses incurred (insurance and non-insurance):
Employee expenses	$ 6,629	$ 6,144
Premises and equipment	197	216
Capital asset depreciation	262	249
Service fees	1,350	1,220
Amortization and impairment of intangible assets and goodwill	678	349
Other expenses	2,944	2,610
Total operating expenses incurred (insurance and non-insurance)	12,060	10,788
Total commissions incurred (insurance and non-insurance)	3,257	3,032
Total operating expenses and commissions incurred (insurance and non-insurance)	15,317	13,820
Less: Amounts directly attributable to the acquisition and fulfillment of insurance contracts	6,551	5,825
Total operating expenses and commissions	8,766	7,995
Employee Expenses [Abstract]
Salaries, bonus, employee benefits	5,977	5,605
Share-based payments	610	491
Other personnel costs	42	48
Total employee expenses	6,629	6,144
Insurance
Operating expenses incurred (insurance and non-insurance):
Total commissions incurred (insurance and non-insurance)	2,243	2,084
Non-insurance
Operating expenses incurred (insurance and non-insurance):
Total commissions incurred (insurance and non-insurance)	$ 1,014	$ 948

Share-Based Payments - Narrativ

Share-Based Payments - Narrative (Details)		12 Months Ended
	Jul. 01, 2024 CAD ($)	Dec. 31, 2024 CAD ($) shares day $ / shares	Dec. 31, 2023 CAD ($) $ / shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Average share price at the date of exercise of stock options (in CAD per share) | $ / shares		$ 79.09	$ 68.44
Compensation expense		$ 610,000,000	$ 491,000,000
Weighted average share price, share options granted (in CAD per share) | $ / shares		$ 12.22	$ 11.54
Annual compensation match maximum, amount	$ 2,500
ESOP offering window period		6 months
Liabilities accrued		$ 355,000,000	$ 276,000,000
Stock Option
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period		4 years
Maximum exercise period		10 years
Maximum number of common shares that may be issued under the Executive Stock Option Plan (in shares) | shares		29,525,000
Compensation expense		$ 6,000,000	8,000,000
Employee Share Ownership Plan
Disclosure of terms and conditions of share-based payment arrangement [line items]
Compensation expense		$ 14,000,000	10,000,000
Required service period		1 year
Employee's contribution, percentage match	50%	50%
Annual compensation match maximum, amount	$ 100,000	$ 1,500
U.S. Employee Stock Purchase Plan
Disclosure of terms and conditions of share-based payment arrangement [line items]
Annual compensation match maximum, amount		$ 25,000
Sun Share Plan
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of other equity instruments granted in share-based payment arrangement (in shares) | shares		1
Number of trading days prior to grant date used for unit valuation | day		5
General unit holding period		36 months
MFS Investment Management Share-Based Awards
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period		4 years
Compensation expense		$ 384,000,000	309,000,000
Liabilities accrued		1,040,000,000	978,000,000
MFS Investment Management Stock Options, Restricted Shares, and Outstanding Shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Liabilities accrued		$ 827,000,000	$ 780,000,000
Bottom of range | Employee Share Ownership Plan
Disclosure of terms and conditions of share-based payment arrangement [line items]
Employee contribution election	1%	1%
Bottom of range | U.S. Employee Stock Purchase Plan
Disclosure of terms and conditions of share-based payment arrangement [line items]
Employee contribution election		1%
Discount rate		10%
Bottom of range | Sun Share Plan
Disclosure of terms and conditions of share-based payment arrangement [line items]
Performance factor multiplier		0
Top of range | Employee Share Ownership Plan
Disclosure of terms and conditions of share-based payment arrangement [line items]
Employee contribution election	50%	20%
Employee's annual compensation, percentage match	5%	5%
Top of range | U.S. Employee Stock Purchase Plan
Disclosure of terms and conditions of share-based payment arrangement [line items]
Employee contribution election		10%
Top of range | Sun Share Plan
Disclosure of terms and conditions of share-based payment arrangement [line items]
Performance factor multiplier		2

Share-Based Payments - Activiti

Share-Based Payments - Activities in Stock Option Plans (Details) shares in Thousands	12 Months Ended
	Dec. 31, 2024 shares $ / shares	Dec. 31, 2023 shares $ / shares
Number of stock options (thousands)
Beginning balance (in shares) | shares	3,428	3,589
Granted (in shares) | shares	488	790
Exercised (in shares) | shares	(708)	(951)
Forfeited (in shares) | shares	(88)	0
Ending balance (in shares) | shares	3,120	3,428
Exercisable, December 31 (in shares) | shares	1,390	1,560
Weighted average exercise price
Beginning balance (in CAD per share) | $ / shares	$ 62.54	$ 58.51
Granted (in CAD per share) | $ / shares	73.19	67.68
Exercised (in CAD per share) | $ / shares	58.13	51.60
Forfeited (in CAD per share) | $ / shares	69.25	0
Ending balance (in CAD per share) | $ / shares	65.01	62.54
Exercisable, December 31 (in CAD per share) | $ / shares	$ 60.32	$ 57.89

Share-Based Payments - Share Ba

Share-Based Payments - Share Based Options by Exercise Price (Details) shares in Thousands	12 Months Ended
	Dec. 31, 2024 shares $ / shares	Dec. 31, 2023 shares $ / shares	Dec. 31, 2022 shares $ / shares
Disclosure of range of exercise prices of outstanding share options [line items]
Number of stock options (in shares) | shares	3,120	3,428	3,589
Weighted average exercise price (in CAD per share)	$ 65.01	$ 62.54	$ 58.51
Total stock options
Disclosure of range of exercise prices of outstanding share options [line items]
Number of stock options (in shares) | shares	3,120
Weighted average remaining contractual life (years)	6 years 4 months 28 days
Weighted average exercise price (in CAD per share)	$ 65.01
$40.16 to $55.00
Disclosure of range of exercise prices of outstanding share options [line items]
Number of stock options (in shares) | shares	411
Weighted average remaining contractual life (years)	2 years 3 months 7 days
Weighted average exercise price (in CAD per share)	$ 49.79
$40.16 to $55.00 | Bottom of range
Disclosure of range of exercise prices of outstanding share options [line items]
Range of exercise prices (in CAD per share)	40.16
$40.16 to $55.00 | Top of range
Disclosure of range of exercise prices of outstanding share options [line items]
Range of exercise prices (in CAD per share)	$ 55
$55.01 to $68.00
Disclosure of range of exercise prices of outstanding share options [line items]
Number of stock options (in shares) | shares	1,578
Weighted average remaining contractual life (years)	6 years 4 months 13 days
Weighted average exercise price (in CAD per share)	$ 65.26
$55.01 to $68.00 | Bottom of range
Disclosure of range of exercise prices of outstanding share options [line items]
Range of exercise prices (in CAD per share)	55.01
$55.01 to $68.00 | Top of range
Disclosure of range of exercise prices of outstanding share options [line items]
Range of exercise prices (in CAD per share)	$ 68
$68.01 to $73.43
Disclosure of range of exercise prices of outstanding share options [line items]
Number of stock options (in shares) | shares	1,131
Weighted average remaining contractual life (years)	7 years 11 months 23 days
Weighted average exercise price (in CAD per share)	$ 70.20
$68.01 to $73.43 | Bottom of range
Disclosure of range of exercise prices of outstanding share options [line items]
Range of exercise prices (in CAD per share)	68.01
$68.01 to $73.43 | Top of range
Disclosure of range of exercise prices of outstanding share options [line items]
Range of exercise prices (in CAD per share)	$ 73.43

Share-Based Payments - Weighted

Share-Based Payments - Weighted Average Assumptions (Details)	12 Months Ended
	Dec. 31, 2024 year $ / shares	Dec. 31, 2023 year $ / shares
Share-Based Payment Arrangements [Abstract]
Risk-free interest rate	3.50%	3.40%
Expected volatility	22.70%	23.30%
Expected dividend yield	4%	4%
Expected life of the option (in years) | year	6.8	6.8
Exercise price (in CAD per share) | $ / shares	$ 73.19	$ 67.68

Share-Based Payments - Other Sh

Share-Based Payments - Other Share Based Payment Plan (Details) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024 CAD ($) shares	Dec. 31, 2023 CAD ($) shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Units outstanding (in shares) | shares	5,697	5,563
Liabilities accrued	$ 355,000	$ 276,000
Compensation expense	610,000	491,000
Sun Share Units and Deferred Share Units (DSU)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Compensation expense	206,000	164,000
Income tax expense (benefit)	$ (54,000)	$ (43,000)
Sun Shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Units outstanding (in shares) | shares	5,013	4,945
Liabilities accrued	$ 306,000	$ 233,000
DSUs
Disclosure of terms and conditions of share-based payment arrangement [line items]
Units outstanding (in shares) | shares	684	618
Liabilities accrued	$ 49,000	$ 43,000

Share-Based Payments - Share-Ba

Share-Based Payments - Share-Based Payment Plans of MFS (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure of terms and conditions of share-based payment arrangement [line items]
Compensation expense	$ 610	$ 491
MFS Investment Management Share-Based Awards
Disclosure of terms and conditions of share-based payment arrangement [line items]
Compensation expense	384	309
Income tax expense (benefit)	$ (69)	$ (59)

Income Taxes - Temporary Differ

Income Taxes - Temporary Differences in Deferred Tax Assets and Liabilities (Details) - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Income Taxes [Abstract]
Deferred tax assets	$ 3,910	$ 3,878
Deferred tax liabilities	286	281
Net deferred tax asset	$ 3,624	$ 3,597

Income Taxes - Movement in Net

Income Taxes - Movement in Net Deferred Tax Assets (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Reconciliation of changes in deferred tax assets [abstract]
Beginning balance, deferred tax assets		$ 2,998
Acquisitions (disposals) through business combinations	$ 1	(147)
Charged to statement of operations	(63)	885
Charged to other comprehensive income	(41)	(101)
Charged to equity, other than other comprehensive income	94	(24)
Foreign exchange rate movements and Other	36	(14)
Ending balance, deferred tax assets	3,624
Previously stated
Reconciliation of changes in deferred tax assets [abstract]
Beginning balance, deferred tax assets	3,597
Ending balance, deferred tax assets		3,597
Investments
Reconciliation of changes in deferred tax assets [abstract]
Beginning balance, deferred tax assets		516
Acquisitions (disposals) through business combinations	0	13
Charged to statement of operations	(101)	(564)
Charged to other comprehensive income	2	(68)
Charged to equity, other than other comprehensive income	84	2
Foreign exchange rate movements and Other	(6)	(1)
Ending balance, deferred tax assets	(123)
Investments | Previously stated
Reconciliation of changes in deferred tax assets [abstract]
Beginning balance, deferred tax assets	(102)
Ending balance, deferred tax assets		(102)
Policy liabilities
Reconciliation of changes in deferred tax assets [abstract]
Beginning balance, deferred tax assets		1,716
Acquisitions (disposals) through business combinations	0	(9)
Charged to statement of operations	193	849
Charged to other comprehensive income	0	(18)
Charged to equity, other than other comprehensive income	0	(56)
Foreign exchange rate movements and Other	5	(3)
Ending balance, deferred tax assets	2,677
Policy liabilities | Previously stated
Reconciliation of changes in deferred tax assets [abstract]
Beginning balance, deferred tax assets	2,479
Ending balance, deferred tax assets		2,479
Deferred acquisition costs
Reconciliation of changes in deferred tax assets [abstract]
Beginning balance, deferred tax assets		84
Acquisitions (disposals) through business combinations	0	0
Charged to statement of operations	7	(5)
Charged to other comprehensive income	0	0
Charged to equity, other than other comprehensive income	0	0
Foreign exchange rate movements and Other	6	(3)
Ending balance, deferred tax assets	89
Deferred acquisition costs | Previously stated
Reconciliation of changes in deferred tax assets [abstract]
Beginning balance, deferred tax assets	76
Ending balance, deferred tax assets		76
Losses available for carry forward
Reconciliation of changes in deferred tax assets [abstract]
Beginning balance, deferred tax assets		986
Acquisitions (disposals) through business combinations	(7)	(42)
Charged to statement of operations	(296)	67
Charged to other comprehensive income	(31)	(30)
Charged to equity, other than other comprehensive income	10	6
Foreign exchange rate movements and Other	(1)	(11)
Ending balance, deferred tax assets	651
Losses available for carry forward | Previously stated
Reconciliation of changes in deferred tax assets [abstract]
Beginning balance, deferred tax assets	976
Ending balance, deferred tax assets		976
Pension and other employee benefits
Reconciliation of changes in deferred tax assets [abstract]
Beginning balance, deferred tax assets		242
Acquisitions (disposals) through business combinations	0	8
Charged to statement of operations	11	49
Charged to other comprehensive income	(7)	38
Charged to equity, other than other comprehensive income	0	0
Foreign exchange rate movements and Other	24	(10)
Ending balance, deferred tax assets	355
Pension and other employee benefits | Previously stated
Reconciliation of changes in deferred tax assets [abstract]
Beginning balance, deferred tax assets	327
Ending balance, deferred tax assets		327
Other
Reconciliation of changes in deferred tax assets [abstract]
Beginning balance, deferred tax assets		(546)
Acquisitions (disposals) through business combinations	8	(117)
Charged to statement of operations	123	489
Charged to other comprehensive income	(5)	(23)
Charged to equity, other than other comprehensive income	0	24
Foreign exchange rate movements and Other	8	14
Ending balance, deferred tax assets	(25)
Other | Previously stated
Reconciliation of changes in deferred tax assets [abstract]
Beginning balance, deferred tax assets	$ (159)
Ending balance, deferred tax assets		$ (159)

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets	$ 3,910	$ 3,878
Unused tax losses for which a deferred tax asset has not been recognised	629	597
Capital tax losses for which no deferred tax asset recognised	27	26
Income tax expense (benefit)	1,040	461
Temporary differences associated with investments in subsidiaries, branches, joint ventures and associates for which a deferred tax liability has not been recognised	$ 3,947	$ 4,606
Applicable tax rates	27.75%	27.80%
Sun Life UK | Disposal groups classified as held for sale
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Income tax expense (benefit)	$ 98
Losses available for carry forward
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Accumulated non-capital tax losses	$ 3,205	$ 4,388
Bottom of range
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Applicable tax rates	0%
Top of range
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Applicable tax rates	25%
U.S.
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Net capital losses	$ 10	9
U.S. | Losses available for carry forward
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets	2	2
Canada
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets	18	0
Capital losses	$ 343	$ 202

Income Taxes - Components of In

Income Taxes - Components of Income Tax Expense (Benefit) (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Current income tax expense (benefit):
Current year	$ 1,186	$ 1,187
Adjustments in respect of prior years, including resolution of tax disputes	(209)	159
Total current income tax expense (benefit)	977	1,346
Deferred income tax expense (benefit):
Origination and reversal of temporary differences	(163)	(637)
Adjustments in respect of prior years, including resolution of tax disputes	203	(172)
Tax expense (benefit) arising from unrecognized tax losses	23	(25)
Tax rate and other legislative changes	0	(51)
Total deferred income tax expense (benefit)	63	(885)
Total income tax expense (benefit)	$ 1,040	$ 461

Income Taxes - Income Tax Benef

Income Taxes - Income Tax Benefit (Expense) Recognized Directly in Equity (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Recognized in other comprehensive income:
Current income tax benefit (expense)	$ (2)	$ 0
Deferred income tax benefit (expense)	(41)	(101)
Total income tax benefit (expense) included in other comprehensive income (loss)	(43)	(101)
Current income tax benefit (expense)	(16)	0
Deferred income tax benefit (expense)	94	(24)
Total recognized in equity, other than other comprehensive income	78	(24)
Total income tax benefit (expense) recorded in equity, including tax benefit (expense) recorded in Other comprehensive income	$ 35	$ (125)

Income Taxes - Effective Income

Income Taxes - Effective Income Tax Rate Reconciliation (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Income Taxes [Abstract]
Total net income (loss)	$ 3,299	$ 3,469
Income tax expense (benefit)	1,040	461
Total net income (loss) before income taxes	4,339	3,930
Reconciliation of accounting profit multiplied by applicable tax rates [abstract]
Taxes at the combined Canadian federal and provincial statutory income tax rate	1,204	1,091
Higher (lower) effective rates on income subject to taxation in foreign jurisdictions	(248)	(222)
Tax-exempt or low-taxed investment (income) loss	16	(304)
Adjustments in respect of prior years, including resolution of tax disputes	(6)	(13)
Tax (benefit) cost of unrecognized tax losses and tax credits	23	(25)
Tax rate and other legislative changes	0	(51)
Other	51	(15)
Total income tax expense (benefit)	$ 1,040	$ 461
Reconciliation of average effective tax rate and applicable tax rate [abstract]
Taxes at the combined Canadian federal and provincial statutory income tax rate	27.75%	27.80%
Higher (lower) effective rates on income subject to taxation in foreign jurisdictions	(5.70%)	(5.70%)
Tax-exempt or low-taxed investment (income) loss	0.40%	(7.70%)
Adjustments in respect of prior years, including resolution of tax disputes	(0.10%)	(0.30%)
Tax (benefit) cost of unrecognized tax losses and tax credits	0.50%	(0.70%)
Tax rate and other legislative changes	0%	(1.30%)
Other	1.10%	(0.40%)
Effective income tax rate	24%	11.70%

Capital Management - LICAT (Det

Capital Management - LICAT (Details)	Dec. 31, 2024
Corporate information and statement of IFRS compliance [abstract]
LICAT Ratio	146%
LICAT target ratio	100%
LICAT minimum ratio	90%

Capital Management - Schedule o

Capital Management - Schedule of Total Capital (Details) - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Entity Information [Line Items]
Borrowings	$ 6,179	$ 6,178
Equity	26,129	24,200
Subordinated debt
Entity Information [Line Items]
Borrowings	6,179	6,178
Total capital	45,874	42,364
Innovative capital instruments
Entity Information [Line Items]
Borrowings	200	200
Shares
Entity Information [Line Items]
Equity	23,318	21,343
Participating account
Entity Information [Line Items]
Equity	496	457	$ 270
Non-controlling interests
Entity Information [Line Items]
Equity	76	161	$ 90
Contractual Service Margin	13,366	11,786
Preferred shares | Shares
Entity Information [Line Items]
Equity	$ 2,239	$ 2,239

Segregated Funds - Segregated F

Segregated Funds - Segregated Fund Types (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]
Percent of fixed income funds invested in diversified equities or high-yield bonds	25%
Bottom of range | Money market
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]
Type of funds by percentage of total investments	1%	1%
Bottom of range | Fixed income
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]
Type of funds by percentage of total investments	5%	5%
Bottom of range | Balanced
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]
Type of funds by percentage of total investments	40%	40%
Bottom of range | Equity
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]
Type of funds by percentage of total investments	45%	45%
Top of range | Money market
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]
Type of funds by percentage of total investments	5%	5%
Top of range | Fixed income
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]
Type of funds by percentage of total investments	10%	10%
Top of range | Balanced
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]
Type of funds by percentage of total investments	45%	45%
Top of range | Equity
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]
Type of funds by percentage of total investments	50%	50%

Segregated Funds - Investments

Segregated Funds - Investments for Account of Segregated Fund Holders (Details) - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]
Equity securities	$ 9,974	$ 7,138
Debt securities	81,955	75,493
Cash, cash equivalents and short-term securities	13,873	13,173
Other assets	7,021	6,462
Total assets	370,721	333,241
Total investments for account of segregated fund holders	148,786	128,452
Other liabilities	(26,292)	(23,655)
Investments for account of segregated fund holders
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]
Segregated and mutual fund units	126,867	107,239
Equity securities	1,049	1,280
Debt securities	773	862
Cash, cash equivalents and short-term securities	3	4
Other assets		26
Total investments for account of segregated fund holders	128,689	109,411
Other liabilities	(3)
Investments for account of segregated fund holders, insurance contracts
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]
Segregated and mutual fund units	15,084	14,240
Equity securities	3,113	2,908
Debt securities	1,607	1,427
Cash, cash equivalents and short-term securities	394	483
Mortgages	7	16
Other assets	52	45
Total assets	20,257	19,119
Total investments for account of segregated fund holders	20,097	19,041
Investment for account of segregated fund holders, insurance contracts, liabilities arising from investing activities
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]
Less: Liabilities arising from investing activities	$ 160	$ 78

Segregated Funds - Changes in I

Segregated Funds - Changes in Investment Contracts for Account of Segregated Fund Holders (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Insurance Contracts And Investment Contracts For Account Of Segregated Fund Holders [Roll Forward]
Balance as at January 1	$ 19,041
Deductions from segregated funds:
Balance as at December 31	20,097	$ 19,041
Investments for account of segregated fund holders
Insurance Contracts And Investment Contracts For Account Of Segregated Fund Holders [Roll Forward]
Balance as at January 1	109,411	102,153
Additions to segregated funds:
Deposits	12,922	11,510
Net realized and unrealized gains (losses)	11,412	3,995
Other investment income	7,487	7,854
Total additions	31,821	23,359
Deductions from segregated funds:
Payments to policyholders and their beneficiaries	11,718	10,793
Management fees	784	687
Taxes and other expenses	49	49
Foreign exchange rate movements	(8)	(76)
Total deductions	12,543	11,453
Reinsurance And Investment Contract Liabilities, Net Additions (Deductions)	19,278	11,906
Dispositions	0	(4,648)
Balance as at December 31	$ 128,689	$ 109,411

Segregated Funds - Changes in_2

Segregated Funds - Changes in Insurance Contracts for Account of Segregated Fund Holders (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Schedule Of Fair Value Of Separate Accounts By Major Category Of Investment 1 [Line Items]
Total changes	$ 2,704	$ 1,592
Investments for account of segregated fund holders, insurance contracts
Schedule Of Fair Value Of Separate Accounts By Major Category Of Investment 1 [Line Items]
Insurance contracts liability (asset) at beginning of period	19,041	23,139
Insurance finance (income) expenses from insurance contracts issued	2,316	1,793
Foreign currency translation	388	(201)
Total changes	2,704	1,592
Premiums received	2,016	1,969
Other	(850)	(822)
Total cash flows	(1,648)	(1,436)
Amounts paid to policyholders and other insurance service expenses paid	(2,814)	(2,583)
Dispositions	0	(4,254)
Insurance contracts liability (asset) at end of period	20,097	19,041
Investments for account of segregated fund holders, insurance contracts | Net liabilities for remaining coverage:
Schedule Of Fair Value Of Separate Accounts By Major Category Of Investment 1 [Line Items]
Insurance contracts liability (asset) at beginning of period	19,041	23,139
Insurance finance (income) expenses from insurance contracts issued	2,316	1,793
Foreign currency translation	388	(201)
Premiums received	2,016	1,969
Other	(850)	(822)
Total cash flows	1,166	1,147
Amounts paid to policyholders and other insurance service expenses paid	(2,814)	(2,583)
Insurance contracts liability (asset) at end of period	20,097	19,041
Investments for account of segregated fund holders, insurance contracts | Liability for incurred claims:
Schedule Of Fair Value Of Separate Accounts By Major Category Of Investment 1 [Line Items]
Insurance contracts liability (asset) at beginning of period	0	0
Total cash flows	(2,814)	(2,583)
Amounts paid to policyholders and other insurance service expenses paid	(2,814)	(2,583)
Actual investment component excluded from insurance service expense	2,814	2,583
Insurance contracts liability (asset) at end of period	$ 0	$ 0

Commitments, Guarantees and C_3

Commitments, Guarantees and Contingencies - Lease Commitments, Contractual Commitments, and Letters of Credit (Details) - CAD ($)	Dec. 31, 2024	Dec. 31, 2023
Other Provisions, Contingent Liabilities And Contingent Assets [Abstract]
Maximum borrowing capacity	$ 1,077,000,000	$ 874,000,000
Letters of credit outstanding	$ 120,000,000	$ 113,000,000

Commitments, Guarantees and C_4

Commitments, Guarantees and Contingencies - Consolidating Summary Financial Information (Details) - CAD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure of operating segments [line items]
Principal amount		$ 9,159,000,000
Insurance revenue	$ 22,637,000,000	21,356,000,000
Net investment income (loss) excluding result for segregated fund holders	7,415,000,000	11,586,000,000
Fee income	8,581,000,000	7,832,000,000
Other income	163,000,000	169,000,000
Total revenue	38,796,000,000	40,943,000,000
Shareholders' net income (loss)	3,129,000,000	3,165,000,000
Invested assets	189,817,000,000	174,328,000,000
Reinsurance contracts held that are assets	6,318,000,000	5,794,000,000
Insurance contract assets	355,000,000	184,000,000
Total other general fund assets	25,445,000,000	24,483,000,000
Investments for account of segregated fund holders	148,786,000,000	128,452,000,000
Insurance contract liabilities excluding those for account of segregated fund holders	147,269,000,000	135,669,000,000
Reinsurance contract held liabilities	1,825,000,000	1,623,000,000
Investment contract liabilities	11,678,000,000	11,672,000,000
Total other general fund liabilities	35,034,000,000	31,625,000,000
Insurance contract liabilities for account of segregated fund holders	20,097,000,000	19,041,000,000
Investment contract liabilities for account of segregated fund holders	128,689,000,000	109,411,000,000
Subordinated Debt Issued May 15, 1998
Disclosure of operating segments [line items]
Principal amount	$ 150,000,000
Interest rate	6.30%
Consolidation Adjustments
Disclosure of operating segments [line items]
Insurance revenue	$ (1,593,000,000)	(1,543,000,000)
Net investment income (loss) excluding result for segregated fund holders	(270,000,000)	(959,000,000)
Fee income	(540,000,000)	(503,000,000)
Other income	0	0
Total revenue	(2,403,000,000)	(3,005,000,000)
Shareholders' net income (loss)	(3,175,000,000)	(2,992,000,000)
Invested assets	(26,634,000,000)	(30,381,000,000)
Reinsurance contracts held that are assets	(35,000,000)	(67,000,000)
Insurance contract assets	(1,455,000,000)	(637,000,000)
Total other general fund assets	(3,472,000,000)	(3,171,000,000)
Investments for account of segregated fund holders	0	0
Insurance contract liabilities excluding those for account of segregated fund holders	(35,000,000)	(67,000,000)
Reinsurance contract held liabilities	(1,456,000,000)	(637,000,000)
Investment contract liabilities	0	0
Total other general fund liabilities	(4,322,000,000)	(5,596,000,000)
Insurance contract liabilities for account of segregated fund holders	0	0
Investment contract liabilities for account of segregated fund holders	0	0
Parent Company | Reportable Legal Entities
Disclosure of operating segments [line items]
Insurance revenue	0	0
Net investment income (loss) excluding result for segregated fund holders	305,000,000	466,000,000
Fee income	1,000,000	1,000,000
Other income	0	0
Total revenue	306,000,000	467,000,000
Shareholders' net income (loss)	3,128,000,000	3,165,000,000
Invested assets	28,494,000,000	26,239,000,000
Reinsurance contracts held that are assets	0	0
Insurance contract assets	0	0
Total other general fund assets	4,639,000,000	4,547,000,000
Investments for account of segregated fund holders	0	0
Insurance contract liabilities excluding those for account of segregated fund holders	0	0
Reinsurance contract held liabilities	0	0
Investment contract liabilities	0	0
Total other general fund liabilities	7,576,000,000	7,300,000,000
Insurance contract liabilities for account of segregated fund holders	0	0
Investment contract liabilities for account of segregated fund holders	0	0
Subsidiary Issuer | Reportable Legal Entities | Sun Life Assurance (consolidated)
Disclosure of operating segments [line items]
Insurance revenue	19,389,000,000	17,844,000,000
Net investment income (loss) excluding result for segregated fund holders	7,138,000,000	11,176,000,000
Fee income	1,992,000,000	1,687,000,000
Other income	0	169,000,000
Total revenue	28,519,000,000	30,876,000,000
Shareholders' net income (loss)	1,501,000,000	1,908,000,000
Invested assets	175,508,000,000	164,557,000,000
Reinsurance contracts held that are assets	6,353,000,000	5,858,000,000
Insurance contract assets	227,000,000	184,000,000
Total other general fund assets	13,979,000,000	13,302,000,000
Investments for account of segregated fund holders	148,720,000,000	128,396,000,000
Insurance contract liabilities excluding those for account of segregated fund holders	147,196,000,000	135,445,000,000
Reinsurance contract held liabilities	3,281,000,000	2,260,000,000
Investment contract liabilities	11,677,000,000	11,672,000,000
Total other general fund liabilities	16,191,000,000	15,041,000,000
Insurance contract liabilities for account of segregated fund holders	20,031,000,000	18,985,000,000
Investment contract liabilities for account of segregated fund holders	128,689,000,000	109,411,000,000
Subsidiary Issuer | Reportable Legal Entities | Other subsidiaries of SLF Inc. (combined)
Disclosure of operating segments [line items]
Insurance revenue	4,841,000,000	5,055,000,000
Net investment income (loss) excluding result for segregated fund holders	242,000,000	903,000,000
Fee income	7,128,000,000	6,647,000,000
Other income	163,000,000	0
Total revenue	12,374,000,000	12,605,000,000
Shareholders' net income (loss)	1,675,000,000	1,084,000,000
Invested assets	12,449,000,000	13,913,000,000
Reinsurance contracts held that are assets	0	3,000,000
Insurance contract assets	1,583,000,000	637,000,000
Total other general fund assets	10,299,000,000	9,805,000,000
Investments for account of segregated fund holders	66,000,000	56,000,000
Insurance contract liabilities excluding those for account of segregated fund holders	108,000,000	291,000,000
Reinsurance contract held liabilities	0	0
Investment contract liabilities	1,000,000	0
Total other general fund liabilities	15,589,000,000	14,880,000,000
Insurance contract liabilities for account of segregated fund holders	66,000,000	56,000,000
Investment contract liabilities for account of segregated fund holders	$ 0	$ 0

Commitments, Guarantees and C_5

Commitments, Guarantees and Contingencies - Legal and Regulatory Proceedings (Details)	Dec. 31, 2024 lawsuit
Disclosure of contingent liabilities [line items]
Number of class action lawsuits filed	2

Related Party Transactions - Ag

Related Party Transactions - Aggregate Compensation to Executive Team and Directors (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 CAD ($) individual	Dec. 31, 2023 CAD ($) individual
Executive team
Disclosure of transactions between related parties [line items]
Number of individuals | individual	14	12
Base salary and annual incentive compensation	$ 24	$ 26
Additional short-term benefits and other	1	1
Share-based long-term incentive compensation	47	28
Value of pension and post-retirement benefits	2	2
Severance	$ 5	$ 0
Directors
Disclosure of transactions between related parties [line items]
Number of individuals | individual	13	11
Base salary and annual incentive compensation	$ 0	$ 0
Additional short-term benefits and other	0	0
Share-based long-term incentive compensation	4	4
Value of pension and post-retirement benefits	0	0
Severance	$ 0	$ 0

Pension Plans and Other Post-_3

Pension Plans and Other Post-Retirement Benefits - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 CAD ($) plan Year	Dec. 31, 2023 CAD ($)
Disclosure of defined benefit plans [line items]
Number of small defined benefit plans in the Philippines open to new members | plan	1
Age requirement | Year	50
Requisite service period	10 years
Post-employment benefit expense, defined contribution plans | $	$ 206	$ 199
Fixed income investments | Level 1
Disclosure of defined benefit plans [line items]
Equity investments	3%	4%

Pension Plans and Other Post-_4

Pension Plans and Other Post-Retirement Benefits - Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure of defined benefit plans [line items]
Net defined benefit liability (asset) - beginning balance	$ 305
Change in defined benefit obligations:
Foreign exchange rate movements	(5)	$ 1
Change in plan assets:
Return on plan assets (excluding amounts included in net interest expense)	(13)	48
Fair value of plan assets	2,427	2,393
Defined benefit (obligation)	(2,720)	(2,698)
Net defined benefit liability (asset) - ending balance	293	305
Pension
Disclosure of defined benefit plans [line items]
Net defined benefit liability (asset) - beginning balance	90
Change in defined benefit obligations:
Foreign exchange rate movements	0	0
Change in plan assets:
Return on plan assets (excluding amounts included in net interest expense)	(13)	48
Fair value of plan assets	2,427	2,393
Defined benefit (obligation)	(2,499)	(2,483)
Net defined benefit liability (asset) - ending balance	72	90
Other post-retirement
Disclosure of defined benefit plans [line items]
Net defined benefit liability (asset) - beginning balance	215
Change in defined benefit obligations:
Foreign exchange rate movements	(5)	1
Change in plan assets:
Return on plan assets (excluding amounts included in net interest expense)	0	0
Fair value of plan assets	0	0
Defined benefit (obligation)	(221)	(215)
Net defined benefit liability (asset) - ending balance	221	215
Present value of defined benefit obligation
Disclosure of defined benefit plans [line items]
Net defined benefit liability (asset) - beginning balance	2,698	2,969
Change in defined benefit obligations:
Current service cost	43	38
Interest income (cost)	(127)	(132)
Actuarial losses (gains)	(39)	195
Benefits paid	(148)	(153)
Divestiture	0	(483)
Foreign exchange rate movements	39	0
Change in plan assets:
Net defined benefit liability (asset) - ending balance	2,720	2,698
Present value of defined benefit obligation | Pension
Disclosure of defined benefit plans [line items]
Net defined benefit liability (asset) - beginning balance	2,483	2,763
Change in defined benefit obligations:
Current service cost	35	32
Interest income (cost)	(116)	(121)
Actuarial losses (gains)	(35)	187
Benefits paid	(134)	(138)
Divestiture	0	(483)
Foreign exchange rate movements	34	1
Change in plan assets:
Net defined benefit liability (asset) - ending balance	2,499	2,483
Present value of defined benefit obligation | Other post-retirement
Disclosure of defined benefit plans [line items]
Net defined benefit liability (asset) - beginning balance	215	206
Change in defined benefit obligations:
Current service cost	8	6
Interest income (cost)	(11)	(11)
Actuarial losses (gains)	(4)	8
Benefits paid	(14)	(15)
Divestiture	0	0
Foreign exchange rate movements	5	(1)
Change in plan assets:
Net defined benefit liability (asset) - ending balance	221	215
Plan assets
Disclosure of defined benefit plans [line items]
Net defined benefit liability (asset) - beginning balance	(2,393)	(2,799)
Change in defined benefit obligations:
Interest income (cost)	114	125
Benefits paid	(148)	(153)
Divestiture	0	(510)
Foreign exchange rate movements	34	1
Change in plan assets:
Administrative expense	(1)	(1)
Return on plan assets (excluding amounts included in net interest expense)	13	(48)
Employer contributions	48	84
Net defined benefit liability (asset) - ending balance	(2,427)	(2,393)
Plan assets | Pension
Disclosure of defined benefit plans [line items]
Net defined benefit liability (asset) - beginning balance	(2,393)	(2,799)
Change in defined benefit obligations:
Interest income (cost)	114	125
Benefits paid	(134)	(138)
Divestiture	0	(510)
Foreign exchange rate movements	34	1
Change in plan assets:
Administrative expense	(1)	(1)
Return on plan assets (excluding amounts included in net interest expense)	13	(48)
Employer contributions	34	69
Net defined benefit liability (asset) - ending balance	(2,427)	(2,393)
Plan assets | Other post-retirement
Disclosure of defined benefit plans [line items]
Net defined benefit liability (asset) - beginning balance	0	0
Change in defined benefit obligations:
Interest income (cost)	0	0
Benefits paid	(14)	(15)
Divestiture	0	0
Foreign exchange rate movements	0	0
Change in plan assets:
Administrative expense	0	0
Return on plan assets (excluding amounts included in net interest expense)	0	0
Employer contributions	14	15
Net defined benefit liability (asset) - ending balance	$ 0	$ 0

Pension Plans and Other Post-_5

Pension Plans and Other Post-Retirement Benefits - Schedule of Net Benefit Expense (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure of defined benefit plans [line items]
Current service cost	$ 43	$ 38
Administrative expense	1	1
Net interest expense (income)	13	7
Other long-term employee benefit losses (gains)	5	3
Net benefit expense	62	49
Pension
Disclosure of defined benefit plans [line items]
Current service cost	35	32
Administrative expense	1	1
Net interest expense (income)	2	(4)
Other long-term employee benefit losses (gains)	0	0
Net benefit expense	38	29
Other post-retirement
Disclosure of defined benefit plans [line items]
Current service cost	8	6
Administrative expense	0	0
Net interest expense (income)	11	11
Other long-term employee benefit losses (gains)	5	3
Net benefit expense	$ 24	$ 20

Pension Plans and Other Post-_6

Pension Plans and Other Post-Retirement Benefits - Schedule of Components of Defined Benefit Costs Recognized In Other Comprehensive Income (Loss) (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure of defined benefit plans [line items]
Return on plan assets (excluding amounts included in net interest expense)	$ 13	$ (48)
Actuarial gains (losses) arising from changes in demographic assumptions	0	4
Actuarial gains (losses) arising from changes in financial assumptions	(38)	138
Actuarial gains (losses) arising from experience adjustments	(6)	50
Foreign exchange rate movements	(5)	1
Components of defined benefit costs recognized in Other comprehensive income (loss)	26	(143)
Pension
Disclosure of defined benefit plans [line items]
Return on plan assets (excluding amounts included in net interest expense)	13	(48)
Actuarial gains (losses) arising from changes in demographic assumptions	0	4
Actuarial gains (losses) arising from changes in financial assumptions	(36)	131
Actuarial gains (losses) arising from experience adjustments	1	52
Foreign exchange rate movements	0	0
Components of defined benefit costs recognized in Other comprehensive income (loss)	22	(139)
Other post-retirement
Disclosure of defined benefit plans [line items]
Return on plan assets (excluding amounts included in net interest expense)	0	0
Actuarial gains (losses) arising from changes in demographic assumptions	0	0
Actuarial gains (losses) arising from changes in financial assumptions	(2)	7
Actuarial gains (losses) arising from experience adjustments	(7)	(2)
Foreign exchange rate movements	(5)	1
Components of defined benefit costs recognized in Other comprehensive income (loss)	$ 4	$ (4)

Pension Plans and Other Post-_7

Pension Plans and Other Post-Retirement Benefits - Schedule of Actuarial Assumptions (Details) - year	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Canada
To determine defined benefit obligation at end of year:
Discount rate for pension plans	4.70%	4.60%
Rate of compensation increase	2.80%	2.70%
To determine net benefit expense for year:
Discount rate for pension plans	4.60%	5%
Rate of compensation increase	2.70%	2.75%
Health care trend rates:
Initial health care trend rate	5.02%	5.08%
Ultimate health care trend rate	4%	4%
Year ultimate health care trend rate reached	2040	2040
Mortality rates:
Average duration (in years) of pension obligation	13 years 7 months 6 days	13 years 9 months 18 days
United Kingdom
To determine net benefit expense for year:
Discount rate for pension plans		4.75%
Pension increases		3.05%
U.S.
To determine defined benefit obligation at end of year:
Discount rate for pension plans	5.70%	5.35%
To determine net benefit expense for year:
Discount rate for pension plans	5.35%	5.55%
Health care trend rates:
Initial health care trend rate	7%	6.75%
Ultimate health care trend rate	5%	5%
Year ultimate health care trend rate reached	2033	2031
Mortality rates:
Average duration (in years) of pension obligation	9 years 7 months 6 days	9 years 9 months 18 days
Bottom of range | Canada
To determine defined benefit obligation at end of year:
Pension increases	0%	0%
To determine net benefit expense for year:
Pension increases	0%	0%
Top of range | Canada
To determine defined benefit obligation at end of year:
Pension increases	0.20%	0.20%
To determine net benefit expense for year:
Pension increases	0.20%	0.05%
Male - Individuals currently at age 65 | Canada
Mortality rates:
Life expectancy (in years) for individuals	24	24
Male - Individuals currently at age 65 | U.S.
Mortality rates:
Life expectancy (in years) for individuals	22	22
Female - Individuals currently at age 65 | Canada
Mortality rates:
Life expectancy (in years) for individuals	25	25
Female - Individuals currently at age 65 | U.S.
Mortality rates:
Life expectancy (in years) for individuals	23	23
Male - At 65 for individuals currently at age 45 | Canada
Mortality rates:
Life expectancy (in years) for individuals	25	25
Male - At 65 for individuals currently at age 45 | U.S.
Mortality rates:
Life expectancy (in years) for individuals	23	23
Female - At 65 for individuals currently at age 45 | Canada
Mortality rates:
Life expectancy (in years) for individuals	26	26
Female - At 65 for individuals currently at age 45 | U.S.
Mortality rates:
Life expectancy (in years) for individuals	25	25

Pension Plans and Other Post-_8

Pension Plans and Other Post-Retirement Benefits - Schedule of Sensitivity Analysis (Details) $ in Millions	Dec. 31, 2024 CAD ($)
Interest/discount rate sensitivity
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Percentage of reasonably possible decrease in actuarial assumption	1%
Percentage of reasonably possible increase in actuarial assumption	1%
Rate of compensation increase assumption
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Percentage of reasonably possible decrease in actuarial assumption	1%
Percentage of reasonably possible increase in actuarial assumption	1%
Health care trend rate assumption
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Percentage of reasonably possible decrease in actuarial assumption	1%
Percentage of reasonably possible increase in actuarial assumption	1%
Mortality rates
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Percentage of reasonably possible decrease in actuarial assumption	10%
Pension | Interest/discount rate sensitivity
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption	$ 360
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption	(286)
Pension | Rate of compensation increase assumption
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption	(45)
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption	51
Pension | Mortality rates
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption	52
Other post-retirement | Interest/discount rate sensitivity
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption	20
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption	(18)
Other post-retirement | Health care trend rate assumption
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption	(9)
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption	10
Other post-retirement | Mortality rates
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption	$ 2

Pension Plans and Other Post-_9

Pension Plans and Other Post-Retirement Benefits - Schedule of Plan Asset Allocation (Details)	Dec. 31, 2024	Dec. 31, 2023
Employee Benefits [Abstract]
Equity investments	4%	4%
Fixed income investments	76%	77%
Real estate investments	12%	12%
Other	8%	7%
Total composition of fair value of plan assets	100%	100%

Pension Plans and Other Post_10

Pension Plans and Other Post-Retirement Benefits - Schedule of Expected Contributions (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 CAD ($)
Disclosure of defined benefit plans [line items]
Expected contributions for the next 12 months	$ 56
Pension
Disclosure of defined benefit plans [line items]
Expected contributions for the next 12 months	38
Other post-retirement
Disclosure of defined benefit plans [line items]
Expected contributions for the next 12 months	$ 18

Pension Plans and Other Post_11

Pension Plans and Other Post-Retirement Benefits - Schedule of Expected Future Benefit Payments (Details) $ in Millions	Dec. 31, 2024 CAD ($)
Disclosure of defined benefit plans [line items]
2025	$ 153
2026	159
2027	164
2028	171
2029	171
2030 to 2034	920
Pension
Disclosure of defined benefit plans [line items]
2025	135
2026	140
2027	145
2028	151
2029	150
2030 to 2034	806
Other post-retirement
Disclosure of defined benefit plans [line items]
2025	18
2026	19
2027	19
2028	20
2029	21
2030 to 2034	$ 114

Earnings (Loss) Per Share - Cal

Earnings (Loss) Per Share - Calculation of Basic and Diluted Earnings Per Share (Details) - CAD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Earnings per share [line items]
Common shareholders’ net income (loss) for basic earnings per share	$ 3,049	$ 3,086
Add: Increase in income due to convertible instruments	10	10
Common shareholders’ net income (loss) on a diluted basis	$ 3,059	$ 3,096
Weighted average number of common shares outstanding for basic earnings per share (in millions) (in shares)	579	586
Add: Dilutive impact of stock options (in millions) (in shares)	0	0
Dilutive impact of convertible instruments (in millions) (in shares)	3	3
Weighted average number of common shares outstanding on a diluted basis (in shares)	582	589
Basic earnings (loss) per share (in CAD per share)	$ 5.27	$ 5.27
Diluted earnings (loss) per share (in CAD per share)	$ 5.26	$ 5.26
Share options
Earnings per share [line items]
Stock options excluded from computation of earnings per share (in shares)	1	2

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) - Summary of Changes in Accumulated Other Comprehensive Income (Loss), Net of Tax (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure of analysis of other comprehensive income by item [line items]
Other comprehensive income (loss)	$ 1,669	$ 21
Other		37
Currently Stated, Due To Changes In Accounting Policy
Disclosure of analysis of other comprehensive income by item [line items]
Balance, beginning of period	772	714
Balance, end of period	2,441	772
Unrealized foreign currency translation gains (losses), net of hedging activities
Disclosure of analysis of other comprehensive income by item [line items]
Other comprehensive income (loss)	1,346	(339)
Unrealized foreign currency translation gains (losses), net of hedging activities | Currently Stated, Due To Changes In Accounting Policy
Disclosure of analysis of other comprehensive income by item [line items]
Balance, beginning of period	1,350	1,689
Balance, end of period	2,696	1,350
Unrealized gains (losses) on FVOCI assets
Disclosure of analysis of other comprehensive income by item [line items]
Other comprehensive income (loss)	104	485
Other		0
Unrealized gains (losses) on FVOCI assets | Currently Stated, Due To Changes In Accounting Policy
Disclosure of analysis of other comprehensive income by item [line items]
Balance, beginning of period	(354)	(839)
Balance, end of period	(250)	(354)
Unrealized gains (losses) on cash flow hedges
Disclosure of analysis of other comprehensive income by item [line items]
Balance, beginning of period	(1)	(18)
Other comprehensive income (loss)	5	17
Other		0
Balance, end of period	4	(1)
Unrealized gains (losses) on cash flow hedges | Currently Stated, Due To Changes In Accounting Policy
Disclosure of analysis of other comprehensive income by item [line items]
Balance, beginning of period	(1)	(18)
Balance, end of period	4	(1)
Share of other comprehensive income (loss) in joint ventures and associates
Disclosure of analysis of other comprehensive income by item [line items]
Other comprehensive income (loss)	201	(44)
Other		0
Share of other comprehensive income (loss) in joint ventures and associates | Currently Stated, Due To Changes In Accounting Policy
Disclosure of analysis of other comprehensive income by item [line items]
Balance, beginning of period	(151)	(107)
Balance, end of period	50	(151)
Remeasurement of defined benefit plans
Disclosure of analysis of other comprehensive income by item [line items]
Other comprehensive income (loss)	19	(105)
Other		37
Remeasurement of defined benefit plans | Currently Stated, Due To Changes In Accounting Policy
Disclosure of analysis of other comprehensive income by item [line items]
Balance, beginning of period	(217)	(149)
Balance, end of period	(198)	(217)
Share of other comprehensive income (loss) in joint ventures and associates
Disclosure of analysis of other comprehensive income by item [line items]
Other comprehensive income (loss)	(7)	7
Other		0
Share of other comprehensive income (loss) in joint ventures and associates | Currently Stated, Due To Changes In Accounting Policy
Disclosure of analysis of other comprehensive income by item [line items]
Balance, beginning of period	2	(5)
Balance, end of period	(5)	2
Revaluation surplus on transfers to investment properties
Disclosure of analysis of other comprehensive income by item [line items]
Other comprehensive income (loss)	1	0
Other		0
Revaluation surplus on transfers to investment properties | Currently Stated, Due To Changes In Accounting Policy
Disclosure of analysis of other comprehensive income by item [line items]
Balance, beginning of period	143	143
Balance, end of period	144	143
Participating account
Disclosure of analysis of other comprehensive income by item [line items]
Other comprehensive income (loss)	(3)	9
Other		0
Participating account | Currently Stated, Due To Changes In Accounting Policy
Disclosure of analysis of other comprehensive income by item [line items]
Balance, beginning of period	6	(3)
Balance, end of period	3	6
Non-controlling interests
Disclosure of analysis of other comprehensive income by item [line items]
Other comprehensive income (loss)	10	(3)
Other		0
Non-controlling interests | Currently Stated, Due To Changes In Accounting Policy
Disclosure of analysis of other comprehensive income by item [line items]
Balance, beginning of period	1	4
Balance, end of period	11	1
Shareholders
Disclosure of analysis of other comprehensive income by item [line items]
Other comprehensive income (loss)	1,662	15
Other		37
Shareholders | Currently Stated, Due To Changes In Accounting Policy
Disclosure of analysis of other comprehensive income by item [line items]
Balance, beginning of period	765	713
Balance, end of period	$ 2,427	765
Other reserves [member]
Disclosure of analysis of other comprehensive income by item [line items]
Other		$ 0