The following table presents the carrying value of financial assets with some or all of their contractual payments past due but which are not impaired and impaired financial assets. Past due but not impaired Less than 90 days Total As at December 31, 2022 90 days and greater Total impaired (1),(2) Debt securities FVTPL $ 2,059 $ 71 $ 2,130 $ 9 AFS 922 – 922 – (1) Private placements 317 152 469 229 Mortgages and loans to Bank clients 103 – 103 74 Other financial assets 36 34 70 1 Total $ 3,437 $ 257 $ 3,694 $ 313 Past due but not impaired Less than 90 days Total As at December 31, 2021 90 days and greater Total impaired (1),(2) Debt securities FVTPL $2 0 $–$ 20$ 2 AFS – – – – (1) Private placements 63 – 63 175 Mortgages and loans to Bank clients 61 – 61 51 Other financial assets 261 47 308 – Total $ 405 $ 47 $ 452 $ 228 (1) Payments of $12 on $3,297 (December 31, 2021 – $nil and $20, respectively) of financial assets past due less than 90 days are delayed. (2) Payments of $4 on $224 (December 31, 2021 – $nil and $nil, respectively) of financial assets past due greater than 90 days are delayed. The following table presents gross carrying value and allowances for loan losses for impaired loans. Gross Allowances Net carrying As at December 31, 2022 carrying value for loan losses value Private placements $ 254 $ 25 $ 229 Mortgages and loans to Bank clients 96 22 74 Total $ 350 $ 47 $ 303 Gross Allowances Net carrying As at December 31, 2021 carrying value for loan losses value Private placements $ 197 $ 22 $ 175 Mortgages and loans to Bank clients 73 22 51 Total $ 270 $ 44 $ 226 The following table presents movement of allowance for loan losses during the year. 2022 2021 Mortgages Mortgages Private and loans to Private and loans to For the years ended December 31, placements Bank clients Total placements Bank clients Total Balance, January 1 $22 $22 $44 $ 79 $ 28 $ 107 Provisions 22 4 26 14 12 26 Recoveries (18) (2) (20) (58) (16) (74) (1) Write-offs (1) (2) (3) (13) (2) (15) Balance, December 31 $25 $22 $47 $ 22 $ 22 $ 44 (1) Includes disposals and impact of changes in foreign exchange rates. (b) Securitieslending,repurchaseandreverserepurchasetransactions The Company engages in securities lending to generate fee income. Collateral exceeding the market value of the loaned securities is retained by the Company until the underlying security has been returned to the Company. The market value of the loaned securities is monitored daily and additional collateral is obtained or refunded as the market value of the underlying loaned securities fluctuates. As at December 31, 2022, the Company had loaned securities (which are included in invested assets) with a market value of $723 (2021 – $564). The Company holds collateral with a current market value that exceeds the value of securities lent in all cases. 189