v3.25.4
Consolidated Statements of Cash Flows - CAD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Operating activities    
Net income (loss) $ 6,060 $ 5,878
Adjustments:    
Increase (decrease) in insurance contract net liabilities (note 6) 18,087 9,435
Increase (decrease) in investment contract liabilities 551 504
(Increase) decrease in reinsurance contract assets, excluding reinsurance transactions noted below (note 6) (1,226) (613)
Amortization of (premium) discount on invested assets (344) (290)
Contractual service margin (“CSM”) amortization (2,706) (2,376)
Other amortization 877 869
Net realized and unrealized (gains) losses and impairment of assets (6,120) (860)
Deferred income tax expenses (recoveries) (6) 311
Net loss on reinsurance transactions (pre-tax) (note 6) (9) 71
Cash provided by operating activities before undernoted items 15,164 12,929
Changes in policy related and operating receivables and payables 16,941 13,565
Cash provided by (used in) operating activities 32,105 26,494
Investing activities    
Purchases of invested assets and derivatives (135,470) (131,123)
Disposals and repayments 108,592 112,671
Changes in investment broker net receivables and payables (210) 290
Net cash increase (decrease) from sale (purchase) of subsidiaries (1,277) (297)
Cash provided by (used in) investing activities (28,365) (18,459)
Financing activities    
Changes in repurchase agreements (473) 460
Issue of long-term debt (note 9) 1,385 0
Issue of capital instruments, net (note 10) 497 2,591
Redemption of capital instruments (note 10) (1,000) (1,886)
Secured borrowing from securitization transactions 676 667
Changes in deposits from Bank clients, net 2,661 413
Lease payments (108) (118)
Shareholders’ dividends and other equity distributions (3,305) (3,159)
Contributions from (distributions to) non-controlling interests, net (24) (14)
Common shares repurchased (note 11) (2,431) (3,272)
Common shares issued, net (note 11) 73 144
Cash provided by (used in) financing activities (2,049) (4,174)
Cash and short-term securities    
Increase (decrease) during the year 1,691 3,861
Effect of foreign exchange rate changes on cash and short-term securities (816) 1,197
Balance, beginning of year 24,942 19,884
Balance, end of year 25,817 24,942
Cash and short-term securities    
Gross cash and short-term securities 25,789 20,338
Net payments in transit, included in other liabilities (847) (454)
Balance, beginning of year 24,942 19,884
Gross cash and short-term securities 26,703 25,789
Net payments in transit, included in other liabilities (886) (847)
Balance, end of year 25,817 24,942
Supplemental disclosures on cash flow information    
Interest received 13,942 13,496
Interest paid 1,515 1,574
Income taxes paid $ 756 $ 755