ConsolidatedStatementsofIncome For the years ended December 31, (Canadian $ in millions except per share amounts) 2022 2021 Revenue Premium income Gross premiums $ 44,102 $ 44,344 Premiums ceded to reinsurers (6,249) (5,279) Net premiums 37,853 39,065 Investment income (note 4) Investment income 15,207 15,627 Realized and unrealized gains (losses) on assets supporting insurance and investment contract liabilities and on the macro hedge program (45,077) (4,003) Net investment income (loss) (29,870) 11,624 Other revenue (note 14) 9,164 11,132 Total revenue 17,147 61,821 Contract benefits and expenses To contract holders and beneficiaries Gross claims and benefits (note 7) 33,320 31,110 Increase (decrease) in insurance contract liabilities (note 7) (34,971) 10,719 Increase (decrease) in investment contract liabilities (note 8) 41 44 Benefits and expenses ceded to reinsurers (7,016) (6,805) (Increase) decrease in reinsurance assets (note 7) (673) 754 Net benefits and claims (9,299) 35,822 General expenses 7,782 7,828 Investment expenses (note 4) 1,863 1,980 Commissions 6,260 6,638 Interest expense 1,350 1,011 Net premium taxes 444 417 Total contract benefits and expenses 8,400 53,696 Income before income taxes 8,747 8,125 Income tax expense (note 17) (1,565) (1,213) Net income $ 7,182 $ 6,912 Net income (loss) attributed to: Non-controlling interests $(1)$ 255 Participating policyholders (111) (448) Shareholders and other equity holders 7,294 7,105 $ 7,182 $ 6,912 Net income attributed to shareholders 7,294 7,105 Preferred share dividends and other equity distributions (260) (215) Common shareholders’ net income $ 7,034 $ 6,890 Earnings per share Basic earnings per common share (note 12) $ 3.68 $ 3.55 Diluted earnings per common share (note 12) 3.68 3.54 Dividends 1.32 1.17 per common share TheaccompanyingnotesareanintegralpartoftheseConsolidatedFinancialStatements. 141