v3.24.1.1.u2
Insurance (Tables)
 6 Months Ended
Apr. 30, 2024
Insurance [Abstract]  
Summary of Components of Insurance Service Result
The following table presents components of the
 
insurance service result
presented on the Interim Consolidated Statement
 
of Income for the Bank which includes
 
the results of property and casualty insurance,
 
life and health insurance,
as well as reinsurance issued and held in
 
Canada and internationally.
Insurance Service Result
(millions of Canadian dollars)
For the three months ended
For the six months ended
April 30, 2024
April 30, 2023
April 30, 2024
April 30, 2023
Insurance revenue
$
1,665
$
1,514
$
3,341
$
3,056
Insurance service expenses
1,248
1,118
2,614
2,282
Insurance service result before reinsurance
 
contracts held
 
417
396
 
727
774
Net income (expense) from reinsurance
 
contracts held
(31)
(38)
(19)
(84)
Insurance service result
$
386
$
358
$
708
$
690
Summary of LRC and LIC Balances for Property and Casualty Insurance Contracts
The following table presents LRC and LIC balances
 
for property and casualty insurance contracts.
Property and casualty insurance contract liabilities by
 
LRC and LIC
(millions of Canadian dollars)
As at
April 30, 2024
April 30, 2023
Liability for
Liability for
Liability for
Liability for
remaining coverage
incurred claims
Total
remaining coverage
incurred claims
Total
Estimates
Estimates
of the
of the
 
 
present
 
 
 
present
 
Excluding
value of
Excluding
value of
loss
Loss
future
Risk
loss
Loss
future
Risk
component
component
cash flows
adjustment
component
component
cash flows
adjustment
Balance at beginning of period
Insurance contract liabilities
$
630
$
129
$
4,740
$
220
$
5,719
$
623
$
113
$
4,700
$
208
$
5,644
Balance at end of period
Insurance contract liabilities
$
630
$
119
$
4,723
$
220
$
5,692
$
551
$
130
$
4,608
$
206
$
5,495