
(Canadian $ in millions)	For the three months ended				For the nine months ended
	July 31, 2026		July 31, 2025		July 31, 2026		July 31, 2025
Insurance revenue	$	422	$	486	$	1,230	$	1,430
Insurance service expense	(318)		(399)		(951)		(1,089)
Net income (expense) from reinsurance contracts	(10)		2		(16)		(38)
Insurance service results	$	94	$	89	$	263	$	303


(Canadian $ in millions)	For the three months ended				For the nine months ended
	July 31, 2026		July 31, 2025		July 31, 2026		July 31, 2025
Investment return	$	111	$	132	$	106	$	433
Insurance finance income (expense) from insurance and reinsurance contracts held	(40)		(120)		83		(332)
Movement in investment contract liabilities	(5)		17		4		(16)
Insurance investment results	$	66	$	29	$	193	$	85


(Canadian $ in millions)	For the three months ended July 31, 2026						For the three months ended July 31, 2025
	Liabilities for		Liabilities for				Liabilities for		Liabilities for
	remaining coverage		incurred claims		Total		remaining coverage		incurred claims		Total
Insurance contract liabilities, beginning of period	$	19,388	$	165	$	19,553	$	17,629	$	187	$	17,816
Insurance service results	(325)		256		(69)		(632)		565		(67)
Net finance expense from insurance contracts	54		–		54		138		–		138
Total cash flows	413		(253)		160		807		(563)		244
Other changes in the net carrying amount of the insurance contract (1)	5		(5)		–		(785)		(12)		(797)
Insurance contract liabilities, end of period (2)	$	19,535	$	163	$	19,698	$	17,157	$	177	$	17,334


(Canadian $ in millions)	For the nine months ended July 31, 2026						For the nine months ended July 31, 2025
	Liabilities for		Liabilities for				Liabilities for		Liabilities for
	remaining coverage		incurred claims		Total		remaining coverage		incurred claims		Total
Insurance contract liabilities, beginning of period	$	18,667	$	199	$	18,866	$	17,047	$	201	$	17,248
Insurance service results	(1,626)		1,436		(190)		(1,818)		1,537		(281)
Net finance expense from insurance contracts	(53)		–		(53)		420		–		420
Total cash flows	2,534		(1,456)		1,078		2,293		(1,546)		747
Other changes in the net carrying amount of the insurance contract (1)	13		(16)		(3)		(785)		(15)		(800)
Insurance contract liabilities, end of period (2)	$	19,535	$	163	$	19,698	$	17,157	$	177	$	17,334

(1) Includes $(798) million relating to the sale of a non-strategic portfolio of insurance contracts for the three and nine months ended July 31, 2025.

(2) The liabilities for incurred claims relating to insurance contracts in our creditor and reinsurance business were $103 million as at July 31, 2026 and $105 million as at July 31, 2025.

Contractual service margin (CSM) from contracts issued was $32 million and $115 million for the three and nine months ended July 31, 2026, respectively ($18 million and $49 million for the three and nine months ended July 31, 2025, respectively). Total CSM for insurance contracts issued and reinsurance contract held was $1,687 million and $338 million, respectively, as at July 31, 2026 ($1,528 million and $312 million, respectively, as at October 31, 2025). Onerous contract losses for the three and nine months ended July 31, 2026 and 2025 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:	July 31, 2026		October 31, 2025
1 year	3.74	%	3.24	%
3 years	4.22	%	3.54	%
5 years	4.55	%	3.89	%
10 years	5.21	%	4.67	%
20 years	5.77	%	5.25	%
30 years	5.69	%	4.99	%
Ultimate	4.95	%	5.00	%

The table below reflects the estimated immediate impact on, or sensitivity of, income before taxes to certain changes in interest rates, and includes the estimated impact of hedging arrangements and our exposure to equity price risk arising from our investment in equity securities.


(Canadian $ in millions)	July 31, 2026		October 31, 2025
Interest Rate Sensitivity (1) (2)
50 basis point increase	$	2	$	2
50 basis point decrease	(1)		(6)
Equity Market Sensitivity (3)
10% increase	$	7	$	6
10% decrease	(7)		(7)

(2)Interest rate sensitivities assume a parallel shift in assumed interest rates across the entire yield curve as at the end of the period with no change in the ultimate risk-free rate.