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Investment Contract Liabilities (Tables)
 12 Months Ended
Dec. 31, 2020
Text block [abstract]  
Summary of Movement in Investment Contract Liabilities Measured at Fair Value The following table presents the movement in investment contract liabilities measured at fair value.
For the years ended December 31,
 
2020
  2019 
Balance, January 1
 
$
789
 
 $782 
New policies
 
 
180
 
  66 
Changes in market conditions
 
 
90
 
  62 
Redemptions, surrenders and maturities
 
 
  (108
) 
  (86) 
Impact of changes in foreign exchange rates
 
 
(19
) 
  (35) 
Balance, December 31
 
$
932
 
 $    789 
Summary of Investment Contract Liabilities Measured at Amortized Cost and Fair Value Associated with these Contracts
The following table presents carrying and fair values of investment contract liabilities measured at amortized cost.
 
  2020     2019 
As at December 31,
 
Amortized
cost, gross of
reinsurance
ceded
(1)
  Fair value     
Amortized
cost, gross of
reinsurance
ceded
(1)
  Fair value 
U.S. fixed annuity products
 
$
  1,361
 
 
$
  1,680
 
         $  1,248  $  1,482 
Canadian fixed annuity products
 
 
995
 
 
 
1,086
 
      1,067   1,158 
Investment contract liabilities
 
$
2,356
 
 
$
2,766
 
         $  2,315  $2,640 
 
(1)
As at December 31, 2020, investment contract liabilities with carrying value and fair value of $67 and $76, respectively (2019 – $93 and $103, respectively), were reinsured by the Company. The net carrying value and fair value of investment contract liabilities were $2,289 and $2,690 (2019 – $2,222 and $2,537), respectively.
Summary of Changes in Investment Contract Liabilities Measured at Amortized Cost
The changes in investment contract liabilities measured at amortized cost was a result of the following business activities.
 
For the years ended December 31,
 
2020
  2019 
Balance, January 1
 
$
  2,315
 
 $  2,483 
Policy deposits
 
 
202
 
  2 
Interest
 
 
61
 
  62 
Withdrawals
 
 
(194
) 
  (182) 
Fees
 
 
(1
) 
  (3) 
Other
 
 
–
 
  17 
Impact of changes in foreign exchange rates
 
 
(27
) 
  (64) 
Balance, December 31
 
$
2,356
 
 $2,315 
Summary of Contractual Obligations and Commitments Relating to Investment Contracts
As at December 31, 2020, the Company’s contractual obligations and commitments relating to the investment contracts are as follows.
 
Payments due by period
  Less than
1 year		   
1 to 3
years
   
3 to 5
years
   Over 5
years		   Total 
Investment contract liabilities
(1)
  
$
  297
 
  
$
  514
 
  
$
  520
 
  
$
  4,220
 
  
$
  5,551
 
 
(1)
Due to the nature of the products, the timing of net cash flows may be before contract maturity. Cash flows are undiscounted.