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Segmented Information
 12 Months Ended
Dec. 31, 2021
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. 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. Transactions between segments are executed and priced at an arm's-length basis in a manner similar to transactions with third parties.

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.
Results by segment for the years ended December 31, 2021 and December 31, 2020 are as follows:
CanadaU.S.
Asset
Management
AsiaCorporate
Consolidation
adjustments
Total
2021
Gross premiums:
Annuities$3,874 $— $— $29 $14 $— $3,917 
Life insurance5,848 1,452 — 3,542 83 — 10,925 
Health insurance5,989 4,624 — 24 27 — 10,664 
Total gross premiums15,711 6,076 — 3,595 124 — 25,506 
Less: Ceded premiums1,533 705 — 201 14 — 2,453 
Net investment income (loss)3,069 546 20 1,060 37 (99)4,633 
Fee income1,611 81 5,835 642 111 (278)8,002 
Total revenue18,858 5,998 5,855 5,096 258 (377)35,688 
Less:
Total benefits and expenses16,651 5,375 4,591 3,838 513 (377)30,591 
Income tax expense (benefit)384 124 372 113 (266)— 727 
Total net income (loss)$1,823 $499 $892 $1,145 $11 $— $4,370 
Less:
Net income (loss) attributable to participating policyholders265 — — 70 — — 335 
Shareholders’ net income (loss)$1,558 $499 $892 $1,075 $11 $— $4,035 
2020
Gross premiums:
Annuities$3,594 $— $— $108 $27 $— $3,729 
Life insurance5,358 1,548 — 4,821 85 — 11,812 
Health insurance6,011 4,583 — 33 22 — 10,649 
Total gross premiums14,963 6,131 — 4,962 134 — 26,190 
Less: Ceded premiums1,530 695 — 212 15 — 2,452 
Net investment income (loss)6,823 2,610 23 2,550 758 (46)12,718 
Fee income1,376 92 5,014 572 103 (276)6,881 
Total revenue21,632 8,138 5,037 7,872 980 (322)43,337 
Less:
Total benefits and expenses20,669 7,825 3,712 7,137 1,029 (322)40,050 
Income tax expense (benefit)50 56 334 54 1 — 495 
Total net income (loss)$913 $257 $991 $681 $(50)$— $2,792 
Less:
Net income (loss) attributable to participating policyholders196 — — 87 — — 283 
Net income (loss) attributable to non-controlling interests— — 11 — — — 11 
Shareholders’ net income (loss)$717 $257 $980 $594 $(50)$— $2,498 
Assets and liabilities by segment are as follows:
CanadaU.S.Asset
Management		AsiaCorporateConsolidation
adjustments		Total
As at December 31, 2021
Total general fund assets$110,499 $33,391 $10,024 $37,661 $14,187 $(388)$205,374 
Investments for account of segregated fund holders
$121,146 $519 $— $7,609 $10,722 $— $139,996 
Total general fund liabilities$100,838 $29,553 $8,010 $30,884 $8,404 $(388)$177,301 
As at December 31, 2020
Total general fund assets$106,318 $33,790 $6,957 $36,414 $13,897 $(286)$197,090 
Investments for account of segregated fund holders$107,494 $541 $— $7,211 $10,675 $— $125,921 
Total general fund liabilities$97,728 $30,354 $4,898 $30,004 $8,530 $(286)$171,228 

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 31,2021202020212020
Revenue:
United States$5,299 $4,505 $112 $169 
United Kingdom289 174 74 725 
Canada233 311 75 79 
Other countries34 47 (3)7 
Total revenue$5,855 $5,037 $258 $980 

The following table shows total assets by country for Asset Management and Corporate:
      Asset Management      Corporate
As at December 31,2021202020212020
Total general fund assets:
United States$8,203 $5,124 $2,570 $2,227 
United Kingdom1,064 1,037 6,892 7,766 
Canada582 580 4,533 3,716 
Other countries175 216 192 188 
Total general fund assets$10,024 $6,957 $14,187 $13,897 
Investment for account of segregated fund holders:
United Kingdom$— $— $10,722 $10,675 
Total investment for account of segregated fund holders$— $— $10,722 $10,675