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Insurance
 3 Months Ended
Jan. 31, 2025
Insurance service result [abstract]  
Insurance
Note 5: Insurance
Insurance Results
Insurance service results in our Consolidated Statement of Income are as follows:
 
(Canadian $ in millions)
    For the three months ended  
     
January 31, 2025
      January 31, 2024  
Insurance revenue
   
$
470
      $    433  
Insurance service expenses
     
(351
)
 
      (297 ) 
Net expenses from reinsurance contracts
     
   (28
)
      (37 ) 
Insurance service results
   
$
91
      $ 99  
Insurance investment results in our Consolidated Statement of Income are as follows:
 
(Canadian $ in millions)
    For the three months ended  
     
January 31, 2025
      January 31, 2024  
Investment return
   
$
559
      $    1,283  
Insurance finance (expense) from insurance and reinsurance contracts held
     
(473
)
 
   (1,225 ) 
Movement in investment contract liabilities
     
   (26
)
   (67 ) 
Insurance investment results
   
$
60
      $ (9 ) 
Insurance Contract Liabilities
Insurance contract liabilities by remaining coverage and incurred claims comprise the following:
 
(Canadian $ in millions)
   
For the three months ended January 31, 2025
      For the three months ended January 31, 2024  
     
Liabilities for
remaining coverage
     
Liabilities for
incurred claims
     
Total
      Liabilities for
remaining coverage		     Liabilities for
incurred claims		     Total  
Insurance contract liabilities, beginning of period
$
17,047
$
201
$
17,248
   
$
13,114
    
$
235
    
$
13,349
Insurance service results
     
(423
)
 
  
321
       
(102
)
 
   (385 )      263       (122 ) 
Net finance expenses from insurance contracts
     
531
       
-
       
531
        1,267       -       1,267  
Total cash flows
     
658
       
(308
)
 
  
350
        1,037       (270 )      767  
Other changes in the net carrying amount of the insurance contract
     
1
       
4
       
5
        (1 )      (3 )      (4 ) 
Insurance contract liabilities, end of period (1)
   
$
  17,814
     
$
    218
     
$
    18,032
      $   15,032     $     225     $   15,257  
 (1) The liabilities for incurred claims relating to insurance contracts in our creditor and reinsurance business were $116 million as at January 31, 2025 and $
126
 
million as at January 31, 2024.
Contractual service margin (CSM) from contracts issued was $18 million for the three months ended January 31, 2025 ($40 million for the three months ended January 31, 2024). Total CSM as at January 31, 2025 was $1,567 million ($1,550 million as at October 31, 2024). This excludes the impact of any reinsurance held, which is not significant to the bank. Onerous contract losses for the three months ended January 31, 2025 and January 31, 2024 were not material.
We use the following rates for discounting fulfilment cash flows for our insurance contract liabilities, which are based on a risk-free yield adjusted for an illiquidity premium that reflects the liquidity characteristics of the liabilities:
 
Portfolio duration:
   
January 31, 2025
      October 31, 2024  
1 year
     
3.58%
        4.16%  
3 years
     
3.78%
        4.17%  
5 years
     
4.04%
        4.35%  
10 years
     
4.63%
        4.82%  
20 years
     
5.04%
        5.15%  
30 years
     
4.89%
        4.98%  
Ultimate
     
5.00%
        5.00%