Note 23 Segregated Funds The Company manages a number of segregated funds on behalf of policyholders. Policyholders are provided with the opportunity to invest in different categories of segregated funds that respectively hold a range of underlying investments. The Company retains legal title to the underlying investments; however, returns from these investments belong to the policyholders. Accordingly, the Company does not bear the risk associated with these assets outside of guarantees offered on certain variable life and annuity products. The “Risk Management and Risk Factors” section of the Company’s 2022 MD&A provides information regarding the variable annuity and segregated fund guarantees. The composition of net assets by categories of segregated funds was within the following ranges for the years ended December 31, 2022 and 2021. Ranges in per cent Type of fund 2022 2021 Money market funds 2%to3% 2% to 3% Fixed income funds 13%to14% 14% to 15% Balanced funds 22%to23% 22% to 23% Equity funds 61%to62% 60% to 62% Money market funds consist of investments that have a term to maturity of less than one year. Fixed income funds primarily consist of investments in fixed grade income securities and may contain smaller investments in diversified equities or high-yield bonds. Relative to fixed income funds, balanced funds consist of fixed income securities and a larger equity investment component. The types of equity funds available to policyholders range from low volatility equity funds to aggressive equity funds. Equity funds invest in a varying mix of Canadian, U.S. and global equities. The underlying investments of the segregated funds consist of both individual securities and mutual funds (collectively “net assets”), some of which may be structured entities. The carrying value and change in segregated funds net assets are as follows. Fair value related information of segregated funds is disclosed in note 4(g). Segregatedfundsnetassets As at December 31, 2022 2021 Investments at market value Cash and short-term securities $ 4,280 $ 3,955 Debt securities 15,270 18,651 Equities 15,499 16,844 Mutual funds 308,707 354,882 Other investments 4,293 4,613 Accrued investment income 1,680 2,340 Other assets and liabilities, net (796) (1,089) Total segregated funds net assets $ 348,933 $ 400,196 Composition of segregated funds net assets Held by policyholders $ 348,562 $ 399,788 Held by the Company 371 408 Total segregated funds net assets $ 348,933 $ 400,196 Changesinsegregatedfundsnetassets For the years ended December 31, 2022 2021 Net policyholder cash flows Deposits from policyholders $ 42,427 $ 44,548 Net transfers to general fund (1,267) (732) Payments to policyholders (46,333) (52,182) (5,173) (8,366) Investment related Interest and dividends 21,900 24,092 Net realized and unrealized investment gains (losses) (78,017) 21,549 (56,117) 45,641 Other Management and administration fees (3,886) (4,115) Impact of changes in foreign exchange rates 13,913 (773) 10,027 (4,888) Net additions (deductions) (51,263) 32,387 Segregated funds net assets, beginning of year 400,196 367,809 Segregated funds net assets, end of year $ 348,933 $ 400,196 215