| For the years ended December 31, (Canadian $ in millions) | 2023 | Restated (note 2) 2022 | ||||||
| Preferred shares and other equity | ||||||||
| Balance, beginning of year | $ | 6,660 | $ | 6,381 | ||||
| Issued (note 12) | – | 1,000 | ||||||
| Redeemed (note 12) | – | (711) | ||||||
| Issuance costs, net of tax | – | (10) | ||||||
| Balance, end of year | 6,660 | 6,660 | ||||||
| Common shares | ||||||||
| Balance, beginning of year | 22,178 | 23,093 | ||||||
| Repurchased (note 12) | (745) | (938) | ||||||
| Issued on exercise of stock options and deferred share units | 94 | 23 | ||||||
| Balance, end of year | 21,527 | 22,178 | ||||||
| Contributed surplus | ||||||||
| Balance, beginning of year | 238 | 262 | ||||||
| Exercise of stock options and deferred share units | (18) | (4) | ||||||
| Stock option expense | 2 | 5 | ||||||
| Acquisition of non-controlling interest | – | (25) | ||||||
| Balance, end of year | 222 | 238 | ||||||
| Shareholders’ and other equity holders’ retained earnings | ||||||||
| Balance, beginning of year | 3,947 | 23,492 | ||||||
| Opening adjustment of insurance contracts at adoption of IFRS 17 | – | (3,191) | ||||||
| Opening adjustment of financial assets at adoption of IFRS 9 / IFRS 17 | (409) | (10,645) | ||||||
| Restated balance, beginning of year | 3,538 | 9,656 | ||||||
| Net income (loss) attributed to shareholders and other equity holders | 5,103 | (1,933) | ||||||
| Common shares repurchased (note 12) | (850) | (946) | ||||||
| Preferred share dividends and other equity distributions | (303) | (260) | ||||||
| Preferred shares redeemed (note 12) | – | (14) | ||||||
| Common share dividends | (2,669) | (2,513) | ||||||
| Acquisition of non-controlling interest | – | (43) | ||||||
| Balance, end of year | 4,819 | 3,947 | ||||||
| Shareholders’ and other equity holders’ accumulated other comprehensive income (loss) (“AOCI”) | ||||||||
| Balance, beginning of year | 13,853 | 5,180 | ||||||
| Opening adjustment of insurance contracts at adoption of IFRS 17 | – | (16,133) | ||||||
| Opening adjustment of financial assets at adoption of IFRS 9 / IFRS 17 | 408 | 16,916 | ||||||
| Restated balance, beginning of year | 14,261 | 5,963 | ||||||
| Change in unrealized foreign exchange gains (losses) on net foreign operations | (1,117) | 1,340 | ||||||
| Changes in insurance / reinsurance finance income (expenses) | (7,222) | 48,780 | ||||||
| Change in unrealized gains (losses) on fair value through OCI investments | 7,923 | (42,407) | ||||||
| Other changes in OCI attributed to shareholders and other equity holders | (34) | 177 | ||||||
| Balance, end of year | 13,811 | 13,853 | ||||||
| Total shareholders’ and other equity holders’ equity, end of year | 47,039 | 46,876 | ||||||
| Participating policyholders’ equity | ||||||||
| Balance, beginning of year | (77) | (1,233) | ||||||
| Opening adjustment of insurance contracts at adoption of IFRS 17 | – | 707 | ||||||
| Opening adjustment of financial assets at adoption of IFRS 9 / IFRS 17 | – | 626 | ||||||
| Restated balance, beginning of year | (77) | 100 | ||||||
| Net income (loss) attributed to participating policyholders | 360 | (167) | ||||||
| Other comprehensive income (losses) attributed to policyholders | (26) | (10) | ||||||
| Balance, end of year | 257 | (77) | ||||||
| Non-controlling interests | ||||||||
| Balance, beginning of year | 1,427 | 1,694 | ||||||
| Opening adjustment of insurance contracts at adoption of IFRS 17 | – | (258) | ||||||
| Opening adjustment of financial assets at adoption of IFRS 9 / IFRS 17 | – | – | ||||||
| Restated balance, beginning of year | 1,427 | 1,436 | ||||||
| Net income (loss) attributed to non-controlling interests | 144 | 121 | ||||||
| Other comprehensive income (losses) attributed to non-controlling interests | (126) | (104) | ||||||
| Contributions (distributions and acquisition), net | (14) | (26) | ||||||
| Balance, end of year | 1,431 | 1,427 | ||||||
| Total equity, end of year | $ | 48,727 | $ | 48,226 | ||||
| For the year ended December 31, 2023 | Balance, January 1, 2023 | Total gains (losses) included in net income (1) | Total gains (losses) included in AOCI (2) | Purchases | Sales | Settlements | Transfer in (3) | Transfer out (3),(4) | Currency movement | Balance, December 31, 2023 | Change in unrealized gains (losses) on assets still held | |||||||||||||||||||||||||||||||||
| Debt instruments | ||||||||||||||||||||||||||||||||||||||||||||
| FVOCI | ||||||||||||||||||||||||||||||||||||||||||||
| Other government & agency | $ | 9 | $ | – | $ | – | $ | 2 | $ | – | $ | – | $ | – | $ | – | $ | (1) | $ | 10 | $ | – | ||||||||||||||||||||||
| Corporate | 32 | – | 3 | 178 | – | (7) | 25 | – | – | 231 | – | |||||||||||||||||||||||||||||||||
| Other securitized assets | 26 | – | 1 | – | – | (5) | – | – | (1) | 21 | – | |||||||||||||||||||||||||||||||||
| Public equities | ||||||||||||||||||||||||||||||||||||||||||||
| FVTPL | 71 | – | – | 37 | – | – | – | (67) | – | 41 | – | |||||||||||||||||||||||||||||||||
| Private placements | ||||||||||||||||||||||||||||||||||||||||||||
| FVOCI | 7,828 | (4) | 258 | 1,942 | (497) | (1,172) | 2,546 | (2,907) | (312) | 7,682 | – | |||||||||||||||||||||||||||||||||
| FVTPL | 31 | 44 | – | 17 | – | (1) | 34 | (47) | 1 | 79 | 44 | |||||||||||||||||||||||||||||||||
| Mortgages | ||||||||||||||||||||||||||||||||||||||||||||
| FVOCI | 28,621 | 65 | 830 | 1,984 | (1,626) | (856) | – | – | (545) | 28,473 | – | |||||||||||||||||||||||||||||||||
| FVTPL | 1,138 | 37 | – | 160 | (239) | (39) | – | – | (2) | 1,055 | – | |||||||||||||||||||||||||||||||||
| Investment property | 11,417 | (1,054) | – | 416 | (122) | – | – | – | (199) | 10,458 | (1,055) | |||||||||||||||||||||||||||||||||
| Own use property | 2,682 | (234) | – | 20 | – | – | – | – | (38) | 2,430 | (234) | |||||||||||||||||||||||||||||||||
| Other invested assets | 31,069 | 423 | 7 | 4,760 | (522) | (1,219) | – | (68) | (865) | 33,585 | 647 | |||||||||||||||||||||||||||||||||
| Total invested assets | 82,924 | (723) | 1,099 | 9,516 | (3,006) | (3,299) | 2,605 | (3,089) | (1,962) | 84,065 | (598) | |||||||||||||||||||||||||||||||||
| Derivatives, net | (3,188) | (144) | – | – | – | 960 | – | 165 | 41 | (2,166) | 17 | |||||||||||||||||||||||||||||||||
| Segregated funds net assets | 3,985 | (97) | – | 110 | (466) | 24 | – | (15) | (49) | 3,492 | 32 | |||||||||||||||||||||||||||||||||
| Total | $ | 83,721 | $ | (964) | $ | 1,099 | $ | 9,626 | $ | (3,472) | $ | (2,315) | $ | 2,605 | $ | (2,939) | $ | (1,970) | $ | 85,391 | $ | (549) | ||||||||||||||||||||||
| Remaining terms to maturities (1) | ||||||||||||||||||||||||||||
| As at December 31, 2022 | Less than 1 year | 1 to 3 years | 3 to 5 years | 5 to 10 years | Over 10 years | With no specific maturity | Total | |||||||||||||||||||||
| Cash and short-term securities | $ | 19,153 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 19,153 | ||||||||||||||
| Debt securities | ||||||||||||||||||||||||||||
| Canadian government and agency | 738 | 1,242 | 2,536 | 3,811 | 12,939 | – | 21,266 | |||||||||||||||||||||
| U.S. government and agency | 380 | 775 | 505 | 3,560 | 19,516 | – | 24,736 | |||||||||||||||||||||
| Other government and agency | 457 | 753 | 1,490 | 3,801 | 19,972 | – | 26,473 | |||||||||||||||||||||
| Corporate | 8,599 | 14,542 | 16,767 | 36,778 | 52,392 | 1 | 129,079 | |||||||||||||||||||||
| Mortgage / asset-backed securities | 6 | 89 | 265 | 574 | 1,354 | – | 2,288 | |||||||||||||||||||||
| Public equities | – | – | – | – | – | 23,519 | 23,519 | |||||||||||||||||||||
| Mortgages | 3,288 | 7,838 | 10,911 | 7,906 | 11,629 | 10,193 | 51,765 | |||||||||||||||||||||
| Private placements | 1,485 | 2,962 | 4,090 | 7,958 | 25,440 | 75 | 42,010 | |||||||||||||||||||||
| Loans to Bank clients | 40 | 18 | 5 | – | 2 | 2,716 | 2,781 | |||||||||||||||||||||
| Real estate | ||||||||||||||||||||||||||||
| Own use property | – | – | – | – | – | 2,852 | 2,852 | |||||||||||||||||||||
| Investment property | – | – | – | – | – | 11,417 | 11,417 | |||||||||||||||||||||
| Other invested assets | ||||||||||||||||||||||||||||
| Alternative long-duration assets | 1 | 46 | 22 | 35 | 674 | 37,682 | 38,460 | |||||||||||||||||||||
| Various other (2) | 105 | – | 19 | 509 | 3,206 | 504 | 4,343 | |||||||||||||||||||||
| Total invested assets | $ | 34,252 | $ | 28,265 | $ | 36,610 | $ | 64,932 | $ | 147,124 | $ | 88,959 | $ | 400,142 | ||||||||||||||
| As at December 31, | 2023 | 2022 | ||||||||||||||||||||||||||||
| Notional amount | Fair value | Notional amount | Fair value | |||||||||||||||||||||||||||
| Type of hedge | Instrument type | Assets | Liabilities | Assets | Liabilities | |||||||||||||||||||||||||
| Qualifying hedge accounting relationships | ||||||||||||||||||||||||||||||
| Fair value hedges | Interest rate swaps | $ | 184,309 | $ | 2,627 | $ | 3,044 | $ | – | $ | – | $ | – | |||||||||||||||||
| Foreign currency swaps | 9,055 | 78 | 1,518 | 48 | 5 | – | ||||||||||||||||||||||||
| Forward contracts | 23,461 | 165 | 2,672 | – | – | – | ||||||||||||||||||||||||
| Cash flow hedges | Interest rate swaps | 8,372 | 20 | 48 | – | – | – | |||||||||||||||||||||||
| Foreign currency swaps | 1,150 | 35 | 181 | 1,155 | 40 | 203 | ||||||||||||||||||||||||
| Forward contracts | – | – | – | – | – | – | ||||||||||||||||||||||||
| Equity contracts | 240 | 3 | – | 173 | 3 | – | ||||||||||||||||||||||||
| Net investment hedges | Forward contracts | 654 | – | 16 | 626 | – | 28 | |||||||||||||||||||||||
| Total derivatives in qualifying hedge accounting relationships | 227,241 | 2,928 | 7,479 | 2,002 | 48 | 231 | ||||||||||||||||||||||||
| Derivatives not designated in qualifying hedge accounting relationships | ||||||||||||||||||||||||||||||
| Interest rate swaps | 103,806 | 2,361 | 3,098 | 268,081 | 5,751 | 7,557 | ||||||||||||||||||||||||
| Interest rate futures | 9,449 | – | – | 11,772 | – | – | ||||||||||||||||||||||||
| Interest rate options | 5,841 | 33 | – | 6,090 | 98 | – | ||||||||||||||||||||||||
| Foreign currency swaps | 33,148 | 1,873 | 398 | 39,667 | 2,029 | 1,579 | ||||||||||||||||||||||||
| Currency rate futures | 2,581 | – | – | 2,319 | – | – | ||||||||||||||||||||||||
| Forward contracts | 34,080 | 769 | 597 | 45,124 | 295 | 4,697 | ||||||||||||||||||||||||
| Equity contracts | 19,760 | 579 | 115 | 16,930 | 363 | 225 | ||||||||||||||||||||||||
| Credit default swaps | 131 | 3 | – | 159 | 4 | – | ||||||||||||||||||||||||
| Equity futures | 4,040 | – | – | 3,813 | – | – | ||||||||||||||||||||||||
| Total derivatives not designated in qualifying hedge accounting relationships | 212,836 | 5,618 | 4,208 | 393,955 | 8,540 | 14,058 | ||||||||||||||||||||||||
| Total derivatives | $ | 440,077 | $ | 8,546 | $ | 11,687 | $ | 395,957 | $ | 8,588 | $ | 14,289 | ||||||||||||||||||
| Remaining term to maturity | ||||||||||||||||||||
| As at December 31, 2023 | Less than 1 year | 1 to 3 years | 3 to 5 years | Over 5 years | Total | |||||||||||||||
| Derivative assets | $ | 1,189 | $ | 603 | $ | 573 | $ | 6,181 | $ | 8,546 | ||||||||||
| Derivative liabilities | 1,561 | 1,982 | 717 | 7,427 | 11,687 | |||||||||||||||
| Remaining term to maturity | ||||||||||||||||||||
| As at December 31, 2022 | Less than 1 year | 1 to 3 years | 3 to 5 years | Over 5 years | Total | |||||||||||||||
| Derivative assets | $ | 580 | $ | 556 | $ | 556 | $ | 6,896 | $ | 8,588 | ||||||||||
| Derivative liabilities | 2,656 | 1,956 | 1,146 | 8,531 | 14,289 | |||||||||||||||
