v3.25.4
Consolidated Statements of Financial Position - CAD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Assets    
Cash and short-term securities $ 26,703 $ 25,789
Debt securities 214,114 210,621
Public equities 40,971 33,725
Mortgages 57,119 54,447
Private placements 51,782 49,668
Loans to Bank clients 2,735 2,310
Real estate 12,682 13,263
Other invested assets 53,822 52,674
Total invested assets (note 3) 459,928 442,497
Other assets    
Accrued investment income 3,198 2,969
Derivatives (note 4) 9,628 8,667
Insurance contract assets (note 6) 194 102
Reinsurance contract held assets (note 6) 60,881 59,015
Deferred tax assets 5,741 5,884
Goodwill and intangible assets (note 5) 12,324 11,052
Miscellaneous 12,285 12,644
Total other assets 104,251 100,333
Segregated funds net assets (note 22) 461,254 435,988
Total assets 1,025,433 978,818
Liabilities    
Insurance contract liabilities, excluding those for account of segregated fund holders (note 6) 411,532 396,401
Reinsurance contract held liabilities (note 6) 3,273 2,669
Investment contract liabilities (note 7) 14,137 13,498
Deposits from Bank clients 24,707 22,063
Derivatives (note 4) 14,351 14,252
Deferred tax liabilities 2,018 1,890
Other liabilities 26,998 24,936
Long-term debt (note 9) 7,685 6,629
Capital instruments (note 10) 6,990 7,532
Total liabilities, excluding those for account of segregated fund holders 511,691 489,870
Insurance contract liabilities for account of segregated fund holders (note 6) 129,006 126,545
Investment contract liabilities for account of segregated fund holders 332,248 309,443
Insurance and investment contract liabilities for account of segregated fund holders (note 22) 461,254 435,988
Total liabilities 972,945 925,858
Equity    
Contributed surplus 199 204
Shareholders and other equity holders’ retained earnings 5,024 4,764
Shareholders and other equity holders’ accumulated other comprehensive income (loss) (“AOCI”):    
Insurance finance income (expenses) 35,184 37,999
Reinsurance finance income (expenses) (6,455) (7,048)
Fair value through other comprehensive income (“OCI”) investments (16,513) (19,733)
Total 5,885 7,327
Other 34 118
Total shareholders and other equity holders’ equity 50,121 50,972
Participating policyholders’ equity 836 567
Non-controlling interests 1,531 1,421
Total equity 52,488 52,960
Total liabilities and equity 1,025,433 978,818
Preferred shares and other equity    
Equity    
Issued shares (note 11) 6,660 6,660
Shareholders and other equity holders’ accumulated other comprehensive income (loss) (“AOCI”):    
Total equity 6,660 6,660
Common shares    
Equity    
Issued shares (note 11) 20,103 20,681
Shareholders and other equity holders’ accumulated other comprehensive income (loss) (“AOCI”):    
Total equity $ 20,103 $ 20,681