XML 69 R43.htm IDEA: XBRL DOCUMENT v3.22.0.1
Insurance Contract Liabilities and Investment Contract Liabilities (Tables)
 12 Months Ended
Dec. 31, 2021
Insurance Contracts [Abstract]  
Disclosure of insurance contract liabilities
Insurance contract liabilities consist of the following:
As at December 31, 2021
CanadaU.S.Asia
Corporate(1)
Total
Individual participating life$28,205 $5,150 $12,982 $860 $47,197 
Individual non-participating life and health15,735 14,196 11,774 329 42,034 
Group life and health11,682 5,580 34 17 17,313 
Individual annuities9,538 16 5 4,729 14,288 
Group annuities18,765 5 69 — 18,839 
Insurance contract liabilities before other policy liabilities
83,925 24,947 24,864 5,935 139,671 
Add: Other policy liabilities(2)
3,559 1,847 2,523 211 8,140 
Total insurance contract liabilities$87,484 $26,794 $27,387 $6,146 $147,811 

(1)    Primarily business from the UK and run-off reinsurance operations. Includes UK business of $771 for Individual participating life, $207 for Individual non-participating life and health, $4,546 for Individual annuities, and $164 for Other policy liabilities.
(2)    Consists of amounts on deposit, policy benefits payable, provisions for unreported claims, provisions for policyholder dividends, and provisions for experience rating refunds.
As at December 31, 2020
CanadaU.S.Asia
Corporate(1)
Total
Individual participating life$25,839 $5,374 $11,981 $952 $44,146 
Individual non-participating life and health15,533 15,010 12,183 373 43,099 
Group life and health11,167 5,578 40 23 16,808 
Individual annuities10,497 22 5 5,382 15,906 
Group annuities17,670 7 97 — 17,774 
Insurance contract liabilities before other policy liabilities80,706 25,991 24,306 6,730 137,733 
Add: Other policy liabilities(2)
3,521 1,807 2,499 213 8,040 
Total insurance contract liabilities$84,227 $27,798 $26,805 $6,943 $145,773 

(1)    Primarily business from the UK and run-off reinsurance operations. Includes UK business of $851 for Individual participating life, $237 for Individual non-participating life and health, $5,162 for Individual annuities, and $163 for Other policy liabilities.
(2) Consists of amounts on deposit, policy benefits payable, provisions for unreported claims, provisions for policyholder dividends, and provisions for experience rating refunds.
Changes in Insurance contract liabilities and Reinsurance assets are as follows:
For the years ended December 31,20212020
Insurance
 contract
 liabilities		Reinsurance
assets		NetInsurance
 contract
 liabilities		Reinsurance
assets		Net
Balances before Other policy liabilities and assets as at January 1,$137,733 $3,126 $134,607 $123,894 $3,395 $120,499 
Change in balances on in-force policies(1,642)(18)(1,624)9,919 (107)10,026 
Balances arising from new policies3,948 74 3,874 5,004 82 4,922 
Method and assumption changes131 (142)273 (63)(179)116 
Increase (decrease) in Insurance contract liabilities and Reinsurance assets2,437 (86)2,523 14,860 (204)15,064 
Other(1)
— (109)109 — — — 
Foreign exchange rate movements(499)(26)(473)(1,021)(65)(956)
Balances before Other policy liabilities and assets139,671 2,905 136,766 137,733 3,126 134,607 
Other policy liabilities and assets8,140 778 7,362 8,040 717 7,323 
Total Insurance contract liabilities and Reinsurance assets, December 31$147,811 $3,683 $144,128 $145,773 $3,843 $141,930 

(1) Recapture of reinsurance contracts.
The following tables show the total assets supporting liabilities for the product lines shown (including insurance contract and investment contract liabilities) and assets supporting equity and other:
As at December 31, 2021
Debt
securities		Equity
securities		Mortgages
and loans		Investment
properties		OtherTotal
Individual participating life$26,715 $5,374 $9,559 $5,932 $4,801 $52,381 
Individual non-participating life and health23,716 1,947 13,885 2,614 8,310 50,472 
Group life and health7,598 30 9,556 92 3,677 20,953 
Individual annuities10,314 40 6,435 — 907 17,696 
Group annuities9,612 111 9,198 24 1,305 20,250 
Equity and other10,772 1,611 3,059 447 27,733 43,622 
Total assets$88,727 $9,113 $51,692 $9,109 $46,733 $205,374 
As at December 31, 2020
Debt
securities		Equity
securities		Mortgages
and loans		Investment
properties		OtherTotal
Individual participating life$25,574 $4,601 $8,992 $4,950 $5,331 $49,448 
Individual non-participating life and health24,810 1,611 14,208 2,052 10,132 52,813 
Group life and health7,789 61 9,354 36 3,112 20,352 
Individual annuities11,979 47 6,219 — 1,185 19,430 
Group annuities9,598 48 8,142 — 909 18,697 
Equity and other9,339 263 3,031 478 23,239 36,350 
Total assets$89,089 $6,631 $49,946 $7,516 $43,908 $197,090 
Changes in the balances of our insurance contract liabilities and investment contract liabilities, including the net transfers to (from) segregated funds, as well as changes in our reinsurance assets, consist of the following:
For the years ended December 31,20212020
Increase (decrease) in insurance contract liabilities$2,437 $14,860 
Decrease (increase) in reinsurance assets86 204 
Increase (decrease) in investment contract liabilities(22)61 
Net transfer to (from) segregated funds(351)(1,825)
Total changes in insurance contract liabilities, investment contract liabilities and reinsurance assets$2,150 $13,300 
Schedule of impacts of method and changes in assumptions on insurance contract liabilities
Impacts of method and assumption changes on Insurance contract liabilities, net of Reinsurance assets, are as follows:
For the year ended December 31, 2021
Net increase (decrease) before income taxesDescription
Mortality / Morbidity$(89)
Updates to reflect mortality/morbidity experience in all jurisdictions.
Policyholder behaviour219 
Updates to policyholder behaviour in all jurisdictions. The largest item was in U.S. In-force Management.
Expenses(202)
Updates to reflect expense experience and margins in all jurisdictions. The largest item was a reduction in expense margins.
Investment returns416 
Updates to various investment-related assumptions across the Company. The largest items were the updates to promulgated Ultimate Reinvestment Rate, promulgated maximum net credit spreads, and a reduction to the best estimate real estate assumption in all jurisdictions.
Model enhancements and other(71)
Various enhancements and methodology changes across all jurisdictions.
Total impact$273 
For the year ended December 31, 2020
Net increase (decrease) before income taxesDescription
Mortality / Morbidity$113 Updates to reflect mortality/morbidity experience in all jurisdictions. The largest items were unfavourable mortality impacts in individual life and health in Canada and In-force Management in the U.S., partially offset by favourable group disability government pension plan offsets in Canada.
Policyholder behaviour207 Updates to policyholder behaviour in all jurisdictions. The largest item was in In-force Management in the U.S.
Expenses(28)Updates to reflect expense experience in all jurisdictions.
Investment returns(10)Updates to various investment-related assumptions across the Company.
Model enhancements and other(166)Various enhancements and methodology changes across all jurisdictions.
Total impact
$116 
Schedule of investment contract liabilities
Investment contract liabilities consist of the following:
As at December 31, 2021
CanadaAsiaCorporateTotal
Individual participating life$— $— $4 $4 
Individual non-participating life and health— 235 2 237 
Individual annuities2,487 1 37 2,525 
Group annuities— 602 — 602 
Total investment contract liabilities$2,487 $838 $43 $3,368 

For the year ended December 31, 2021, Investment contract liabilities of $3,368 are comprised of investment contracts with DPF of $872, investment contracts without DPF measured at amortized cost of $2,487, and for investment contracts without DPF measured at fair value of $9.
As at December 31, 2020
CanadaAsiaCorporateTotal
Individual participating life$— $— $5 $5 
Individual non-participating life and health— 269 2 271 
Individual annuities2,690 — 35 2,725 
Group annuities— 188 — 188 
Total investment contract liabilities$2,690 $457 $42 $3,189 

For the year ended December 31, 2020, Investment contract liabilities of $3,189 are comprised of investment contracts with DPF of $497, investment contracts without DPF measured at amortized cost of $2,690, and investment contracts without DPF measured at fair value of $2.
Schedule of reconciliation of changes in investment contract liabilities Changes in investment contract liabilities without “DPF” are as follows:
For the years ended December 31,20212020
Measured at
fair value		Measured at
 amortized cost		Measured at
fair value		Measured at
 amortized cost
Balance as at January 1$2 $2,690 $2 $2,612 
Deposits— 303 — 467 
Interest— 60 — 59 
Withdrawals— (570)— (457)
Fees— (7)— (7)
Change in fair value7 — — — 
Other— 10 — 16 
Foreign exchange rate movements— 1 — — 
Balance as at December 31$9 $2,487 $2 $2,690 
Changes in investment contract liabilities with DPF are as follows:
For the years ended December 31,20212020
Balance as at January 1$497 $502 
Change in liabilities on in-force policies(89)2 
Acquisitions (Note 3)471 — 
Foreign exchange rate movements(7)(7)
Balance as at December 31$872 $497 
Disclosure of claims and benefits paid
Gross claims and benefits paid consist of the following:
For the years ended December 31,20212020
Maturities and surrenders$3,205 $2,993 
Annuity payments2,017 1,979 
Death and disability benefits4,876 4,594 
Health benefits7,246 6,913 
Policyholder dividends and interest on claims and deposits1,378 1,828 
Total gross claims and benefits paid$18,722 $18,307