Other updates Other updates resulted in a $119 post-tax gain to net income attributed to shareholders. This was primarily driven by Japan, whereby investment fees for certain mandates in the general account provided by affiliate investment managers were reviewed and updated to align with broader market levels. (i) Insurancecontractscontractualobligations Insurance contracts give rise to obligations fixed by agreement. As at December 31, 2022, the Company’s contractual obligations and commitments relating to insurance contracts are as follows. Lessthan 1to3 3to5 Payments due by period 1 year years years Over 5 years Total (1) Insurance contract liabilities $ 11,498 $ 12,365 $ 18,496 $ 1,012,611 $ 1,054,970 (1) Insurance contract liability cash flows include estimates related to the timing and payment of death and disability claims, policy surrenders, policy maturities, annuity payments, minimum guarantees on segregated fund products, policyholder dividends, commissions and premium taxes offset by contractual future premiums on in-force contracts. These estimated cash flows are based on the best estimate assumptions used in the determination of insurance contract liabilities. These amounts are undiscounted and reflect recoveries from reinsurance agreements. Due to the use of assumptions, actual cash flows may differ from these estimates. Cash flows include embedded derivatives measured separately at fair value. (j) Gross claimsandbenefits The following table presents a breakdown of gross claims and benefits. For the years ended December 31, 2022 2021 Death, disability and other claims $ 19,404 $ 18,583 Maturity and surrender benefits 10,662 8,728 Annuity payments 3,242 3,276 Policyholder dividends and experience rating refunds 1,279 1,255 Net transfers from segregated funds (1,267) (732) Total $ 33,320 $ 31,110 (k) Reinsurancetransaction On November 15, 2021 and October 3, 2022, the Company, through its subsidiaries John Hancock Life Insurance Company (U.S.A.) (“JHUSA”) and John Hancock Life Insurance Company of New York (“JHNY”) entered into reinsurance agreements with Venerable Holdings, Inc. to reinsure blocks of legacy U.S. variable annuity (“VA”) policies. Under the terms of the transactions, the Company will retain responsibility for the maintenance of the policies with no intended impact to VA policyholders. The transactions were structured as coinsurance for the general fund liabilities and modified coinsurance for the segregated fund liabilities. The transactions closed on February 1, 2022 and October 3, 2022, respectively, resulting in a cumulative after-tax gain of $806, comprising a cumulative after-tax gain of $846 recognized in 2022, and a one-time after-tax loss of $40 recognized in the fourth quarter 2021. Note 8 Investment Contract Liabilities Investment contract liabilities are contractual obligations that do not contain significant insurance risk. These contracts are measured either at fair value or at amortized cost. (a) Investmentcontractliabilitiesmeasuredatfairvalue Investment contract liabilities measured at fair value include certain investment savings and pension products sold primarily in Hong Kong and mainland China. The following table presents the movement in investment contract liabilities measured at fair value. For the years ended December 31, 2022 2021 Balance, January 1 $ 802 $ 932 New policies 93 54 Changes in market conditions (39) (38) Redemptions, surrenders and maturities (106) (138) Impact of changes in foreign exchange rates 46 (8) Balance, December 31 $ 796 $ 802 185