Revenue For the years ended December 31, ($ millions) 2022 2021 Net premium income $ 269 $ 147 Investment income (loss) (1,200) 113 (1) Other revenue (528) (237) Revenue before net realized and unrealized investment gains and losses and on the macro hedge program (1,459) 23 (2) Net realized and unrealized investment gains and losses and on the macro hedge program 255 64 Totalrevenue $ (1,204) $ 87 (1) Includes a consolidation adjustment related to asset management fees earned by Global WAM from affiliated business (the offset to the consolidation adjustment is investment expense). (2) See “Impact of Fair Value Accounting” section above. Strategic Highlights Our P&C Reinsurance business provides substantial retrocessional capacity for a very select clientele in the property and casualty reinsurance market. The business is largely non-correlated to Manulife’s other businesses and helps diversify our overall business mix. We manage the risk exposure of this business in relation to the total Company balance sheet risk and volatility as well as the prevailing market pricing conditions. The business is renewable annually, and we currently estimate our exposure limit in 2023 for a single event to be approximately US$300 million (net of reinstatement premiums) and for multiple events to be approximately US$600 million (net of all 1 premiums). 1 See “Caution regarding forward-looking statements” above. 37