(g) Fair value measurement The following table presents the fair values of invested assets and segregated funds net assets measured at fair value categorized by the fair value hierarchy. As at December 31, 2022 Total fair value Level 1 Level 2 Level 3 Cash and short-term securities FVTPL $ 1,933 $ – $ 1,933 $ – AFS 10,926 – 10,926 – Other 6,294 6,294 – – Debt securities FVTPL Canadian government and agency 14,798 – 14,798 – U.S. government and agency 9,440 – 9,440 – Other government and agency 22,986 – 22,986 – Corporate 120,897 – 120,865 32 Residential mortgage-backed securities 7 – 7 – Commercial mortgage-backed securities 570 – 570 – Other asset-backed securities 1,575 – 1,549 26 AFS Canadian government and agency 6,468 – 6,468 – U.S. government and agency 14,384 – 14,384 – Other government and agency 3,487 – 3,478 9 Corporate 7,745 – 7,745 – Residential mortgage-backed securities 1 – 1 – Commercial mortgage-backed securities 24 – 24 – Other asset-backed securities 111 – 111 – Public equities FVTPL 21,989 21,918 – 71 AFS 1,530 1,530 – – (1) Real estate – investment property 11,394 – – 11,394 (2) Other invested assets 30,256 26 – 30,230 (3) Segregated funds net assets 348,562 314,436 30,141 3,985 Total $ 635,377 $ 344,204 $ 245,426 $ 45,747 As at December 31, 2021 Total fair value Level 1 Level 2 Level 3 Cash and short-term securities FVTPL $ 2,214 $ – $ 2,214 $ – AFS 14,339 – 14,339 – Other 6,041 6,041 – – Debt securities FVTPL Canadian government and agency 18,706 – 18,706 – U.S. government and agency 12,607 – 12,607 – Other government and agency 21,888 – 21,888 – Corporate 133,763 – 133,723 40 Residential mortgage-backed securities 8 – 8 – Commercial mortgage-backed securities 1,103 – 1,103 – Other asset-backed securities 1,647 – 1,619 28 AFS Canadian government and agency 3,964 – 3,964 – U.S. government and agency 18,792 – 18,792 – Other government and agency 2,871 – 2,871 – Corporate 7,332 – 7,331 1 Residential mortgage-backed securities 1 – 1 – Commercial mortgage-backed securities 79 – 79 – Other asset-backed securities 58 – 58 – Public equities FVTPL 25,716 25,716 – – AFS 2,351 2,349 2 – (1) Real estate – investment property 11,421 – – 11,421 (2) Other invested assets 24,300 257 – 24,043 (3) Segregated funds net assets 399,788 361,447 34,060 4,281 Total $ 708,989 $ 395,810 $ 273,365 $ 39,814 165