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Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2021
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 Contract Liabilities and Investment Contract Liabilities
Note 10 Insurance Contract Liabilities and Investment Contract Liabilities
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
Impairment of financial instruments
Note 1 Financial Assets Excluding Derivative Financial Instruments
Note 6 Financial Instrument Risk Management
Income taxes
Note 1 Income Taxes
Note 20 Income Taxes
Pension plans
Note 1 Pension Plans and Other Post-Retirement Benefits
Note 25 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 16 Interests in Other Entities
Share-based payments
Note 19 Share-Based Payments
Summary of financial assets
The following table summarizes the financial assets included in our Consolidated Statements of Financial Position and the asset classifications applicable to these assets:
Cash, cash equivalents and short-term securitiesFVTPL
Debt securitiesFVTPL and AFS
Equity securitiesFVTPL and AFS
Mortgages and loansLoans and receivables
Other invested assetsFVTPL and AFS
Policy loansLoans and receivables
The carrying values and fair values of our financial assets are shown in the following table:
As atDecember 31, 2021December 31, 2020
Carrying
value		Fair
value		Carrying
value		Fair
value
Assets
Cash, cash equivalents and short-term securities$12,278 $12,278 $13,527 $13,527 
Debt securities - fair value through profit or loss75,998 75,998 77,834 77,834 
Debt securities - available-for-sale(1)
12,729 12,729 11,255 11,255 
Equity securities - fair value through profit or loss7,538 7,538 6,369 6,369 
Equity securities - available-for-sale1,575 1,575 262 262 
Mortgages and loans(1)
51,692 55,756 49,946 56,231 
Derivative assets1,583 1,583 2,160 2,160 
Other invested assets - fair value through profit or loss(2)
4,435 4,435 3,339 3,339 
Other invested assets - available-for-sale(2)
781 781 828 828 
Other invested assets - Collateralized Loan Obligations1,865 1,855 — — 
Policy loans3,261 3,261 3,265 3,265 
Total financial assets(3)
$173,735 $177,789 $168,785 $175,070 

(1)    As at December 31, 2021, the fair value of invested assets that have contractual cash flows that qualify as SPPI include $12,604 of Debt securities - AFS ($11,159 as at December 31, 2020), $51,249 of Mortgages and loans supporting insurance contract liabilities ($51,480 as at December 31, 2020), and $4,499 of Mortgages and loans not supporting insurance contract liabilities ($4,741 as at December 31, 2020).
(2)    Other invested assets (FVTPL and AFS) include our investments in segregated funds, mutual funds and limited partnerships.
(3)    Invested assets on our Consolidated Statements of Financial Position of $184,522 ($177,912 as at December 31, 2020) includes Total financial assets in this table, Investment properties of $9,109 ($7,516 as at December 31, 2020), Other invested assets - non-financial assets of $1,678 ($1,611 as at
December 31, 2020).
The following table provides a reconciliation of the beginning and ending balances for assets and liabilities that are categorized in Level 3:
For the years endedDebt securities - fair value through profit or loss Debt securities - available-for-saleEquity securities - fair value through profit or lossEquity securities - available-for-saleOther
 invested
 assets		Investment
 properties		Total
 invested
 assets
 measured
 at fair
 value		Investments
 for account
 of segregated
 fund holders		Total
 assets
 measured
 at fair
 value
December 31, 2021
Beginning balance $225 $67 $181 $47 $2,645 $7,516 $10,681 $550 $11,231 
Included in net income(1)(2)(3)
(6)— 10 5 392 1,032 1,433 23 1,456 
Included in OCI(2)
— (1)— 33 13 — 45 — 45 
Purchases29 5 8 15 1,074 764 1,895 65 1,960 
Sales / Payments(9)(13)(25)(26)(469)(197)(739)(9)(748)
Settlements(15)(3)(5)— — — (23)(1)(24)
Transfers (out) of Level 3(4)
(57)(10)(73)— — — (140)— (140)
Foreign currency translation(5)
(5)(2)— — (5)(6)(18)(17)(35)
Ending balance$162 $43 $96 $74 $3,650 $9,109 $13,134 $611 $13,745 
Gains (losses) included in earnings relating to instruments still held at the reporting date(1)
$(4)$— $11 $5 $382 $1,038 $1,432 $27 $1,459 
December 31, 2020
Beginning balance $248 $50 $188 $35 $2,445 $7,306 $10,272 $549 $10,821 
Included in net income(1)(2)(3)
11 — — — (87)(63)(139)(22)(161)
Included in OCI(2)
— 2 — — 19 — 21 — 21 
Purchases67 15 11 46 594 620 1,353 30 1,383 
Sales / Payments(10)— (2)(33)(304)(325)(674)(14)(688)
Settlements(9)(2)(15)— — — (26)(1)(27)
Transfers into Level 3(4)
3 2 — — — — 5 1 6 
Transfers (out) of Level 3(4)
(88)(1)— — — — (89)(1)(90)
Foreign currency translation(5)
3 1 (1)(1)(22)(22)(42)8 (34)
Ending balance$225 $67 $181 $47 $2,645 $7,516 $10,681 $550 $11,231 
Gains (losses) included in earnings relating to instruments still held at the reporting date(1)
$2 $— $— $— $(68)$13 $(53)$(23)$(76)

(1)    Included in Net investment income (loss) for Total invested assets measured at fair value in our Consolidated Statements of Operation.
(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 $1,070 ($19 in 2020), net of amortization of leasing commissions and tenant inducements of $38 ($82 in 2020). As at December 31, 2020, 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 31,20212020
Cash$2,297 $2,498 
Cash equivalents5,529 8,156 
Short-term securities4,452 2,873 
Cash, cash equivalents and short-term securities12,278 13,527 
Less: Bank overdraft, recorded in Other liabilities133 6 
Net cash, cash equivalents and short-term securities$12,145 $13,521 
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 31,20212020
Fair value
through
profit or loss		Available-
for-sale		Total debt
securities		Fair value
through
profit or loss		Available-
for-sale		Total debt
securities
Canada$33,028 $5,135 $38,163 $34,005 $4,685 $38,690 
United States26,678 4,552 31,230 27,183 3,984 31,167 
United Kingdom4,196 562 4,758 4,592 487 5,079 
Other12,096 2,480 14,576 12,054 2,099 14,153 
Total debt securities$75,998 $12,729 $88,727 $77,834 $11,255 $89,089 
The carrying value of debt securities by issuer and industry sector is shown in the following table:
As at December 31,20212020
Fair value
through
profit or loss		Available-
for-sale		Total debt
securities		Fair value
through
profit or loss		Available-
for-sale		Total debt
securities
Debt securities issued or guaranteed by:
Canadian federal government$4,798 $2,303 $7,101 $4,560 $1,929 $6,489 
Canadian provincial and municipal government15,930 1,149 17,079 16,909 1,333 18,242 
U.S. government and agency1,642 771 2,413 1,678 797 2,475 
Other foreign government4,754 757 5,511 5,281 823 6,104 
Total government issued or guaranteed debt securities27,124 4,980 32,104 28,428 4,882 33,310 
Corporate debt securities by industry sector:
Financials10,258 1,690 11,948 10,644 1,212 11,856 
Utilities7,414 778 8,192 7,561 682 8,243 
Industrials5,791 805 6,596 5,659 567 6,226 
Energy3,992 287 4,279 4,452 350 4,802 
Communication services3,534 352 3,886 3,644 322 3,966 
Real estate2,334 354 2,688 2,438 329 2,767 
Health care2,081 346 2,427 1,986 186 2,172 
Consumer staples2,047 231 2,278 1,893 158 2,051 
Consumer discretionary1,814 306 2,120 1,606 165 1,771 
Information technology1,426 209 1,635 1,308 187 1,495 
Materials1,361 156 1,517 1,473 152 1,625 
Total corporate debt securities42,052 5,514 47,566 42,664 4,310 46,974 
Asset-backed securities6,822 2,235 9,057 6,742 2,063 8,805 
Total debt securities$75,998 $12,729 $88,727 $77,834 $11,255 $89,089 

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, 2021
CanadaUnited StatesUnited KingdomOtherTotal
Mortgages:
  Retail$1,765 $1,623 $— $— $3,388 
  Office1,892 1,639 — — 3,531 
  Multi-family residential4,138 1,589 — — 5,727 
  Industrial and land1,094 941 — — 2,035 
  Other680 115 9 — 804 
Total mortgages(1)
$9,569 $5,907 $9 $— $15,485 
Loans$12,885 $14,596 $4,111 $4,615 $36,207 
Total mortgages and loans$22,454 $20,503 $4,120 $4,615 $51,692 

(1)    $4,218 of mortgages in Canada are insured by the CMHC.

As at December 31, 2020
CanadaUnited StatesUnited KingdomOtherTotal
Mortgages:
  Retail$1,963 $1,747 $— $— $3,710 
  Office1,635 1,846 — — 3,481 
  Multi-family residential3,950 1,681 — — 5,631 
  Industrial and land996 949 — — 1,945 
  Other575 86 — — 661 
Total mortgages(1)
$9,119 $6,309 $— $— $15,428 
Loans$13,107 $13,773 $3,798 $3,840 $34,518 
Total mortgages and loans$22,226 $20,082 $3,798 $3,840 $49,946 

(1)    $4,008 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 31,20212020
Fair value
through
profit or loss		Available-
for-sale		Total debt
securities		Fair value
through
profit or loss		Available-
for-sale		Total debt
securities
Due in 1 year or less$2,505 $1,373 $3,878 $3,048 $721 $3,769 
Due in years 2-510,475 4,971 15,446 10,526 3,549 14,075 
Due in years 6-1011,328 3,350 14,678 10,459 3,540 13,999 
Due after 10 years51,690 3,035 54,725 53,801 3,445 57,246 
Total debt securities$75,998 $12,729 $88,727 $77,834 $11,255 $89,089 

The carrying value of mortgages by scheduled maturity, before allowances for losses, is as follows:
As at December 31,2021 2020 
Due in 1 year or less$884 $1,230 
Due in years 2-56,172 5,465 
Due in years 6-105,979 5,884 
Due after 10 years2,530 2,915 
Total mortgages$15,565 $15,494 

The carrying value of loans by scheduled maturity, before allowances for losses, is as follows:
As at December 31,20212020 
Due in 1 year or less$1,772 $2,192 
Due in years 2-57,108 6,954 
Due in years 6-107,393 6,670 
Due after 10 years19,986 18,751 
Total loans$36,259 $34,567