ConsolidatedStatementsofFinancialPosition As at December 31, (Canadian $ in millions) 2022 2021 Assets Cash and short-term securities $ 19,153 $ 22,594 Debt securities 203,904 224,139 Public equities 23,519 28,067 Mortgages 54,638 52,014 Private placements 47,057 42,842 Policy loans 6,894 6,397 Loans to Bank clients 2,781 2,506 Real estate 13,272 13,233 Other invested assets 42,783 35,306 Total invested assets (note 4) 414,001 427,098 Other assets Accrued investment income 2,813 2,641 Outstanding premiums 1,448 1,294 Derivatives (note 5) 8,588 17,503 Reinsurance assets (notes 7 and 8) 47,712 44,579 Deferred tax assets (note 17) 5,423 5,254 Goodwill and intangible assets (note 6) 10,519 9,915 Miscellaneous 9,875 9,571 Total other assets 86,378 90,757 Segregated funds net assets (note 23) 348,562 399,788 Total assets $ 848,941 $ 917,643 Liabilities and Equity Liabilities Insurance contract liabilities (note 7) $ 371,405 $ 392,275 Investment contract liabilities (note 8) 3,248 3,117 Deposits from Bank clients 22,507 20,720 Derivatives (note 5) 14,289 10,038 Deferred tax liabilities (note 17) 2,774 2,769 Other liabilities 17,421 18,205 431,644 447,124 Long-term debt (note 10) 6,234 4,882 Capital instruments (note 11) 6,122 6,980 Segregated funds net liabilities (note 23) 348,562 399,788 Total liabilities 792,562 858,774 Equity Preferred shares and other equity (note 12) 6,660 6,381 Common shares (note 12) 22,178 23,093 Contributed surplus 238 262 Shareholders’ and other equity holders’ retained earnings 27,010 23,492 Shareholders’ accumulated other comprehensive income (loss) (“AOCI”): Pension and other post-employment plans (97) (114) Available-for-sale securities (6,472) 848 Cash flow hedges 8 (156) Real estate revaluation reserve 22 23 Translation of foreign operations 6,514 4,579 Total shareholders’ and other equity 56,061 58,408 Participating policyholders’ equity (1,346) (1,233) Non-controlling interests 1,664 1,694 Total equity 56,379 58,869 Total liabilities and equity $ 848,941 $ 917,643 TheaccompanyingnotesareanintegralpartoftheseConsolidatedFinancialStatements. Roy Gori John Cassaday President and Chief Executive Officer Chairman of the Board of Directors 140 | 2022AnnualReport | ConsolidatedFinancialStatements