(b) Composition The composition of insurance contract liabilities and reinsurance assets by the line of business and reporting segment is as follows. Gross insurance contract liabilities Individual insurance Other Total, insurance Total, net of Total gross of Non- Annuities contract reinsurance reinsurance reinsurance and pensions (1) ceded As at December 31, 2022 Participating participating liabilities ceded ceded Asia $ 66,294 $ 34,684 $ 6,221 $ 4,142 $ 111,341 $ 2,727 $ 114,068 Canada 12,637 38,325 13,593 14,095 78,650 1,676 80,326 U.S. 7,867 67,789 11,273 46,849 133,778 43,137 176,915 Corporate and Other – (640) 24 578 (38) 134 96 Total, net of reinsurance ceded 86,798 140,158 31,111 65,664 323,731 47,674 371,405 Total reinsurance ceded 8,552 22,434 15,793 895 47,674 Total, gross of reinsurance ceded $ 95,350 $ 162,592 $ 46,904 $ 66,559 $ 371,405 Individual insurance Other Total, insurance Total, net of Total gross of Non- Annuities contract reinsurance reinsurance reinsurance and pensions (1) ceded As at December 31, 2021 Participating participating liabilities ceded ceded Asia $ 64,586 $ 36,387 $ 6,869 $ 3,590 $ 111,432 $ 2,749 $ 114,181 Canada 13,518 44,320 16,554 14,981 89,373 430 89,803 U.S. 8,591 71,077 14,007 53,555 147,230 41,150 188,380 Corporate and Other – (676) 22 363 (291) 202 (89) Total, net of reinsurance ceded 86,695 151,108 37,452 72,489 347,744 44,531 392,275 Total reinsurance ceded 8,144 20,767 14,681 939 44,531 Total, gross of reinsurance ceded $ 94,839 $ 171,875 $ 52,133 $ 73,428 $ 392,275 (1) Other insurance contract liabilities include group insurance and individual and group health including long-term care insurance. Separate sub-accounts were established for participating policies in-force at the demutualization of MLI and John Hancock Mutual Life Insurance Company. These sub-accounts permit this participating business to be operated as separate “closed blocks” of participating policies. As at December 31, 2022, $26,289 (2021 – $29,000) of both reinsurance assets and insurance contract liabilities were related to these closed blocks of participating policies. (c) Assetsbackinginsurancecontractliabilities,otherliabilitiesandcapital Assets are segmented and matched to liabilities with similar underlying characteristics by product line and major currency. The Company has established target investment strategies and asset mixes for each asset segment supporting insurance contract liabilities which consider the risk attributes of the liabilities supported by the assets and expectations of market performance. Liabilities with rate and term guarantees are predominantly backed by fixed-rate instruments on a cash flow matching basis for a targeted duration horizon. Longer duration cash flows on these liabilities as well as on adjustable products such as participating life insurance are backed by a broader range of asset classes, including equity and alternative long-duration investments. The Company’s capital is invested in a range of debt and equity investments, both public and private. Changes in the fair value of assets backing net insurance contract liabilities, that the Company considers to be other than temporary, would have a limited impact on the Company’s net income wherever there is an effective matching of assets and liabilities, as these changes would be substantially offset by corresponding changes in the value of net insurance contract liabilities. The fair value of assets backing net insurance contract liabilities as at December 31, 2022, excluding reinsurance assets, was estimated at $317,854 (2021 – $354,587). As at December 31, 2022, the fair value of assets backing capital and other liabilities was estimated at $524,297 (2021 – $571,431). 177