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Segregated Funds
 12 Months Ended
Dec. 31, 2021
Separate Accounts Disclosure 1 [Abstract]  
Segregated Funds
22. Segregated Funds
We have segregated fund products, including variable annuities, unit-linked products and universal life insurance policies, in Canada, the U.S., the UK, and Asia. 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, other net investment income earned, and expenses incurred 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 as a result of these guarantees. Further details on these guarantees and our risk management activities related to these guarantees are included in the Risk Management section of the MD&A.

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.

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, 2021 and 2020:
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.
22.A Investments for Account of Segregated Fund Holders
The carrying value of investments held for segregated fund holders are as follows:
As at December 31,20212020
Segregated and mutual fund units$125,944 $111,789 
Equity securities9,963 9,733 
Debt securities3,410 3,874 
Cash, cash equivalents and short-term securities778 693 
Investment properties446 387 
Mortgages19 19 
Other assets141 140 
Total assets$140,701 $126,635 
Less: Liabilities arising from investing activities705 714 
Total investments for account of segregated fund holders $139,996 $125,921 
22.B Changes in Insurance Contracts and Investment Contracts for Account of Segregated Fund Holders
Changes in insurance contracts and investment contracts for account of segregated fund holders are as follows:
For the years ended December 31,20212020
Balance as at January 1$125,921 $116,973 
Additions to segregated funds:
Deposits 13,509 12,880 
Net transfer (to) from general funds(351)(1,825)
Net realized and unrealized gains (losses)9,516 5,643 
Other investment income6,558 4,275 
Total additions$29,232 $20,973 
Deductions from segregated funds:
Payments to policyholders and their beneficiaries12,966 10,618 
Management fees1,276 1,126 
Taxes and other expenses435 396 
Foreign exchange rate movements480 (115)
Total deductions$15,157 $12,025 
Net additions (deductions)$14,075 $8,948 
Balance as at December 31$139,996 $125,921