ConsolidatedStatementsofChangesinEquity For the years ended December 31, (Canadian $ in millions) 2022 2021 Preferred shares and other equity Balance, beginning of year $ 6,381 $ 3,822 Issued (note 12) 1,000 3,200 Redeemed (note 12) (711) (612) Issuance costs, net of tax (10) (29) Balance, end of year 6,660 6,381 Common shares Balance, beginning of year 23,093 23,042 Repurchased (note 12) (938) – Issued on exercise of stock options and deferred share units 23 51 Balance, end of year 22,178 23,093 Contributed surplus Balance, beginning of year 262 261 Exercise of stock options and deferred share units (4) (8) Stock option expense 5 9 Acquisition of non-controlling interest (25) – Balance, end of year 238 262 Shareholders’ and other equity holders’ retained earnings Balance, beginning of year 23,492 18,887 Net income attributed to shareholders and other equity holders 7,294 7,105 Common shares repurchased (note 12) (946) – Preferred share dividends and other equity distributions (260) (215) Preferred shares redeemed (note 12) (14) (13) Common share dividends (2,513) (2,272) Acquisition of non-controlling interest (43) – Balance, end of year 27,010 23,492 Shareholders’ accumulated other comprehensive income (loss) (“AOCI”) Balance, beginning of year 5,180 6,323 Change in unrealized foreign exchange gains (losses) on net foreign operations 1,935 (414) Change in actuarial gains (losses) on pension and other post-employment plans 17 199 Change in unrealized gains (losses) on available-for-sale financial securities (7,315) (989) Change in unrealized gains (losses) on derivative instruments designated as cash flow hedges 164 73 Change in real estate revaluation reserve (1) (11) Share of other comprehensive income (losses) of associates (5) (1) Balance, end of year (25) 5,180 Total shareholders’ and other equity, end of year 56,061 58,408 Participating policyholders’ equity Balance, beginning of year (1,233) (784) Net income (loss) attributed to participating policyholders (111) (448) Other comprehensive income (losses) attributed to participating policyholders (2) (1) Balance, end of year (1,346) (1,233) Non-controlling interests Balance, beginning of year 1,694 1,455 Net income attributed to non-controlling interests (1) 255 Other comprehensive income (losses) attributed to non-controlling interests (3) (3) Contributions (distributions and acquisition), net (26) (13) Balance, end of year 1,664 1,694 Total equity, end of year $ 56,379 $ 58,869 TheaccompanyingnotesareanintegralpartoftheseConsolidatedFinancialStatements. 143