A summary of some of the key risks are outlined in the “Risk Factors and Risk Management – Emerging Risks” section above. The Company is required to prepare an opening balance sheet as at January 1, 2022, the date of transition to IFRS 17, which forms the starting point for its financial reporting in accordance with IFRS 17. Any differences between the carrying value and the presentation of assets, liabilities and equity determined in accordance with CALM and IFRS 17 as at January 1, 2022 will be recorded in opening retained earnings and accumulated other comprehensive income. 100 | 2022AnnualReport | Management’sDiscussionandAnalysis