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Segmented Information
 12 Months Ended
Dec. 31, 2022
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.
For the years endedCanadaU.S.
Asset
Management
AsiaCorporate
Consolidation
adjustments
Total
December 31, 2022
Gross premiums:
Annuities$3,909 $1 $— $26 $9 $— $3,945 
Life insurance6,308 1,515 — 3,512 60 — 11,395 
Health insurance6,493 7,298 — 25 4 — 13,820 
Total gross premiums16,710 8,814 — 3,563 73 — 29,160 
Less: Ceded premiums1,589 505 — 189 14 — 2,297 
Net investment income (loss)(4,864)(2,306)28 (3,242)(1,113)(90)(11,587)
Fee income1,610 297 5,729 620 106 (316)8,046 
Total revenue11,867 6,300 5,757 752 (948)(406)23,322 
Less:
Total benefits and expenses10,344 5,571 4,215 218 (543)(406)19,399 
Income tax expense (benefit)363 143 345 63 (293)— 621 
Total net income (loss)$1,160 $586 $1,197 $471 $(112)$— $3,302 
Less:
Net income (loss) attributable to participating policyholders160 — — (44)— — 116 
Net income (loss) attributable to non-controlling interests— — 56 — — — 56 
Shareholders’ net income (loss)$1,000 $586 $1,141 $515 $(112)$— $3,130 
December 31, 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 
Assets and liabilities by segment are as follows:
CanadaU.S.Asset
Management		AsiaCorporateConsolidation
adjustments		Total
As at December 31, 2022
Total general fund assets$110,888 $37,282 $11,702 $37,072 $9,044 $(374)$205,614 
Investments for account of segregated fund holders
$109,058 $421 $— $7,111 $8,702 $— $125,292 
Total general fund liabilities$100,396 $30,190 $9,474 $29,662 $6,889 $(374)$176,237 
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 
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 31,2022202120222021
Revenue:
United States$5,173 $5,299 $61 $112 
United Kingdom288 289 (1,014)74 
Canada251 233 9 75 
Other countries45 34 (4)(3)
Total revenue$5,757 $5,855 $(948)$258 

The following table shows total assets by country for Asset Management and Corporate:
          Asset Management
      Corporate
As at December 31,2022202120222021
Total general fund assets:
United States$9,933 $8,203 $1,536 $2,570 
United Kingdom940 1,064 4,827 6,892 
Canada581 582 2,500 4,533 
Other countries248 175 181 192 
Total general fund assets$11,702 $10,024 $9,044 $14,187 
Investment for account of segregated fund holders:
United Kingdom$— $— $8,702 $10,722 
Total investment for account of segregated fund holders$— $— $8,702 $10,722