v3.25.4
Invested Assets and Investment Income - Fair Values and the Fair Value Hierarchy of Invested Assets and Segregated Funds Net Assets Measured at Fair Value (Details)
$ in Millions
Dec. 31, 2025
CAD ($)
Dec. 31, 2024
CAD ($)
Dec. 31, 2023
CAD ($)
Disclosure of financial assets [line items]      
Cash and short-term securities $ 26,703 $ 25,789 $ 20,338
Debt securities 214,114 210,621  
Private placements 51,782 49,668  
Mortgages 57,119 54,447  
Public equities 40,971 33,725  
Real estate 12,682 13,263  
Other invested assets 53,822 52,674  
Segregated funds net assets 461,254 435,988  
Total assets 875,451 835,959  
Net asset value      
Disclosure of financial assets [line items]      
Other invested assets $ 32,804 $ 31,435  
Bottom of range | Power and Infrastructure Investments | Discount rate, measurement input      
Disclosure of financial assets [line items]      
Percentage of probability of default of financial instrument 0.0787 0.0742  
Bottom of range | Timberland | Discount rate, measurement input      
Disclosure of financial assets [line items]      
Percentage of probability of default of financial instrument 0.0325 0.0325  
Top of range | Power and Infrastructure Investments | Discount rate, measurement input      
Disclosure of financial assets [line items]      
Percentage of probability of default of financial instrument 0.2000 0.2000  
Top of range | Timberland | Discount rate, measurement input      
Disclosure of financial assets [line items]      
Percentage of probability of default of financial instrument 0.0625 0.0625  
Other      
Disclosure of financial assets [line items]      
Other invested assets $ 39,405 $ 38,543  
FVOCI      
Disclosure of financial assets [line items]      
Cash and short-term securities 20,827 19,909  
Private placements 50,829 48,802  
Mortgages 28,589 28,792  
Public equities 0 0  
FVTPL      
Disclosure of financial assets [line items]      
Cash and short-term securities 0 25  
Private placements 953 866  
Mortgages 1,351 1,239  
Public equities 40,971 33,725  
Other      
Disclosure of financial assets [line items]      
Cash and short-term securities 5,777 5,855  
Canadian government and agency      
Disclosure of financial assets [line items]      
Debt securities 18,674 19,727  
Canadian government and agency | FVOCI      
Disclosure of financial assets [line items]      
Debt securities 17,708 18,671  
Canadian government and agency | FVTPL      
Disclosure of financial assets [line items]      
Debt securities 966 1,056  
U.S. government and agency      
Disclosure of financial assets [line items]      
Debt securities 27,266 28,654  
U.S. government and agency | FVOCI      
Disclosure of financial assets [line items]      
Debt securities 26,595 27,628  
U.S. government and agency | FVTPL      
Disclosure of financial assets [line items]      
Debt securities 39 58  
Other government and agency      
Disclosure of financial assets [line items]      
Debt securities 37,482 35,470  
Other government and agency | FVOCI      
Disclosure of financial assets [line items]      
Debt securities 37,419 35,402  
Other government and agency | FVTPL      
Disclosure of financial assets [line items]      
Debt securities 63 68  
Corporate      
Disclosure of financial assets [line items]      
Debt securities 128,430 124,962  
Corporate | FVOCI      
Disclosure of financial assets [line items]      
Debt securities 125,184 121,674  
Corporate | FVTPL      
Disclosure of financial assets [line items]      
Debt securities 2,742 2,761  
Residential mortgage-backed securities | FVOCI      
Disclosure of financial assets [line items]      
Debt securities 1 5  
Commercial mortgage-backed securities | FVOCI      
Disclosure of financial assets [line items]      
Debt securities 781 270  
Commercial mortgage-backed securities | FVTPL      
Disclosure of financial assets [line items]      
Debt securities 5 2  
Other securitized assets | FVOCI      
Disclosure of financial assets [line items]      
Debt securities 1,210 1,516  
Other securitized assets | FVTPL      
Disclosure of financial assets [line items]      
Debt securities 265 15  
Investment property      
Disclosure of financial assets [line items]      
Real estate 10,051 10,589  
Investment property | FVOCI      
Disclosure of financial assets [line items]      
Real estate 0 0  
Investment property | FVTPL      
Disclosure of financial assets [line items]      
Real estate 0 0  
Real estate - own use property      
Disclosure of financial assets [line items]      
Real estate $ 2,466 $ 2,500  
Real Estate Properties | Bottom of range | Capitalisation rate, measurement input      
Disclosure of financial assets [line items]      
Percentage of probability of default of financial instrument 0.0320 0.0310  
Real Estate Properties | Bottom of range | Terminal capitalization rate, measurement input      
Disclosure of financial assets [line items]      
Percentage of probability of default of financial instrument 0.0325 0.0310  
Real Estate Properties | Bottom of range | Discount rate, measurement input      
Disclosure of financial assets [line items]      
Percentage of probability of default of financial instrument 0.0360 0.0360  
Real Estate Properties | Top of range | Capitalisation rate, measurement input      
Disclosure of financial assets [line items]      
Percentage of probability of default of financial instrument 0.1100 0.0950  
Real Estate Properties | Top of range | Terminal capitalization rate, measurement input      
Disclosure of financial assets [line items]      
Percentage of probability of default of financial instrument 0.1000 0.1000  
Real Estate Properties | Top of range | Discount rate, measurement input      
Disclosure of financial assets [line items]      
Percentage of probability of default of financial instrument 0.1375 0.1375  
Level 1      
Disclosure of financial assets [line items]      
Segregated funds net assets $ 423,407 $ 399,043  
Total assets 470,154 438,625  
Level 1 | Other      
Disclosure of financial assets [line items]      
Other invested assets 70 77  
Level 1 | FVOCI      
Disclosure of financial assets [line items]      
Cash and short-term securities 0 0  
Private placements 0 0  
Mortgages 0 0  
Level 1 | FVTPL      
Disclosure of financial assets [line items]      
Cash and short-term securities 0 0  
Private placements 0 0  
Mortgages 0 0  
Public equities 40,900 33,650  
Level 1 | Other      
Disclosure of financial assets [line items]      
Cash and short-term securities 5,777 5,855  
Level 1 | Canadian government and agency | FVOCI      
Disclosure of financial assets [line items]      
Debt securities 0 0  
Level 1 | Canadian government and agency | FVTPL      
Disclosure of financial assets [line items]      
Debt securities 0 0  
Level 1 | U.S. government and agency | FVOCI      
Disclosure of financial assets [line items]      
Debt securities 0 0  
Level 1 | U.S. government and agency | FVTPL      
Disclosure of financial assets [line items]      
Debt securities 0 0  
Level 1 | Other government and agency | FVOCI      
Disclosure of financial assets [line items]      
Debt securities 0 0  
Level 1 | Other government and agency | FVTPL      
Disclosure of financial assets [line items]      
Debt securities 0 0  
Level 1 | Corporate | FVOCI      
Disclosure of financial assets [line items]      
Debt securities 0 0  
Level 1 | Corporate | FVTPL      
Disclosure of financial assets [line items]      
Debt securities 0 0  
Level 1 | Residential mortgage-backed securities | FVOCI      
Disclosure of financial assets [line items]      
Debt securities 0 0  
Level 1 | Commercial mortgage-backed securities | FVOCI      
Disclosure of financial assets [line items]      
Debt securities 0 0  
Level 1 | Commercial mortgage-backed securities | FVTPL      
Disclosure of financial assets [line items]      
Debt securities 0 0  
Level 1 | Other securitized assets | FVOCI      
Disclosure of financial assets [line items]      
Debt securities 0 0  
Level 1 | Other securitized assets | FVTPL      
Disclosure of financial assets [line items]      
Debt securities 0 0  
Level 1 | Investment property      
Disclosure of financial assets [line items]      
Real estate 0 0  
Level 1 | Real estate - own use property      
Disclosure of financial assets [line items]      
Real estate 0 0  
Level 2      
Disclosure of financial assets [line items]      
Segregated funds net assets 34,949 33,611  
Total assets 310,008 303,460  
Level 2 | Other      
Disclosure of financial assets [line items]      
Other invested assets 0 0  
Level 2 | FVOCI      
Disclosure of financial assets [line items]      
Cash and short-term securities 20,827 19,909  
Private placements 40,502 40,038  
Mortgages 0 0  
Level 2 | FVTPL      
Disclosure of financial assets [line items]      
Cash and short-term securities 0 25  
Private placements 799 730  
Mortgages 0 0  
Public equities 71 75  
Level 2 | Other      
Disclosure of financial assets [line items]      
Cash and short-term securities 0 0  
Level 2 | Canadian government and agency | FVOCI      
Disclosure of financial assets [line items]      
Debt securities 17,708 18,671  
Level 2 | Canadian government and agency | FVTPL      
Disclosure of financial assets [line items]      
Debt securities 966 1,056  
Level 2 | U.S. government and agency | FVOCI      
Disclosure of financial assets [line items]      
Debt securities 26,595 27,628  
Level 2 | U.S. government and agency | FVTPL      
Disclosure of financial assets [line items]      
Debt securities 39 58  
Level 2 | Other government and agency | FVOCI      
Disclosure of financial assets [line items]      
Debt securities 37,405 35,392  
Level 2 | Other government and agency | FVTPL      
Disclosure of financial assets [line items]      
Debt securities 63 68  
Level 2 | Corporate | FVOCI      
Disclosure of financial assets [line items]      
Debt securities 125,090 121,630  
Level 2 | Corporate | FVTPL      
Disclosure of financial assets [line items]      
Debt securities 2,742 2,761  
Level 2 | Residential mortgage-backed securities | FVOCI      
Disclosure of financial assets [line items]      
Debt securities 1 5  
Level 2 | Commercial mortgage-backed securities | FVOCI      
Disclosure of financial assets [line items]      
Debt securities 781 270  
Level 2 | Commercial mortgage-backed securities | FVTPL      
Disclosure of financial assets [line items]      
Debt securities 5 2  
Level 2 | Other securitized assets | FVOCI      
Disclosure of financial assets [line items]      
Debt securities 1,210 1,516  
Level 2 | Other securitized assets | FVTPL      
Disclosure of financial assets [line items]      
Debt securities 255 15  
Level 2 | Investment property      
Disclosure of financial assets [line items]      
Real estate 0 0  
Level 2 | Real estate - own use property      
Disclosure of financial assets [line items]      
Real estate 0 0  
Level 3      
Disclosure of financial assets [line items]      
Segregated funds net assets 2,898 3,334  
Total assets 95,289 93,874  
Level 3 | Other      
Disclosure of financial assets [line items]      
Other invested assets 39,335 38,466  
Level 3 | FVOCI      
Disclosure of financial assets [line items]      
Cash and short-term securities 0 0  
Private placements 10,327 8,764  
Mortgages 28,589 28,792  
Level 3 | FVTPL      
Disclosure of financial assets [line items]      
Cash and short-term securities 0 0  
Private placements 154 136  
Mortgages 1,351 1,239  
Public equities 0 0  
Level 3 | Other      
Disclosure of financial assets [line items]      
Cash and short-term securities 0 0  
Level 3 | Canadian government and agency | FVOCI      
Disclosure of financial assets [line items]      
Debt securities 0 0  
Level 3 | Canadian government and agency | FVTPL      
Disclosure of financial assets [line items]      
Debt securities 0 0  
Level 3 | U.S. government and agency | FVOCI      
Disclosure of financial assets [line items]      
Debt securities 0 0  
Level 3 | U.S. government and agency | FVTPL      
Disclosure of financial assets [line items]      
Debt securities 0 0  
Level 3 | Other government and agency | FVOCI      
Disclosure of financial assets [line items]      
Debt securities 14 10  
Level 3 | Other government and agency | FVTPL      
Disclosure of financial assets [line items]      
Debt securities 0 0  
Level 3 | Corporate | FVOCI      
Disclosure of financial assets [line items]      
Debt securities 94 44  
Level 3 | Corporate | FVTPL      
Disclosure of financial assets [line items]      
Debt securities 0 0  
Level 3 | Residential mortgage-backed securities | FVOCI      
Disclosure of financial assets [line items]      
Debt securities 0 0  
Level 3 | Commercial mortgage-backed securities | FVOCI      
Disclosure of financial assets [line items]      
Debt securities 0 0  
Level 3 | Commercial mortgage-backed securities | FVTPL      
Disclosure of financial assets [line items]      
Debt securities 0 0  
Level 3 | Other securitized assets | FVOCI      
Disclosure of financial assets [line items]      
Debt securities 0 0  
Level 3 | Other securitized assets | FVTPL      
Disclosure of financial assets [line items]      
Debt securities 10 0  
Level 3 | Investment property      
Disclosure of financial assets [line items]      
Real estate 10,051 10,589  
Level 3 | Real estate - own use property      
Disclosure of financial assets [line items]      
Real estate $ 2,466 $ 2,500