In millions, except per share items | Dec-31-21 | Dec-31-20 | Dec-31-19 | Dec-31-18 |
| Source | Source | Source | Source |
Operating activities | | | | |
Net income | | | | |
Adjustments: | | | | |
Increase in insurance contract liabilities | | | | |
Increase in investment contract liabilities | | | | |
Increase of reinsurance assets | | | | |
Amortization of (premium) discount on invested assets | | | | |
Other amortization | | | | |
Net realized and unrealized (gains) losses and impairment on assets | | | | |
Deferred income tax expense (recovery) | | | | |
Stock option expense | | | | |
Cash provided by (used in) operating activities before undernoted items | | | | |
Changes in policy related and operating receivables and payables | | | | |
Cash provided by (used in) operating activities | | | | |
Investing activities | | | | |
Purchases and mortgage advances | | | | |
Disposals and repayments | | | | |
Change in investment broker net receivables and payables | | | | |
Net cash flows from acquisition and disposal of subsidiaries and businesses | | | | |
Cash provided by (used in) investing activities | | | | |
Financing activities | | | | |
Issue of long-term debt, net (note 9) | | | | |
Redemption of long-term debt (note 9) | | | | |
Issue of capital instruments, net (note 10) | | | | |
Redemption of capital instruments (note 10) | | | | |
Secured borrowings (note 3 (f)) | | | | |
Change in repurchase agreements and securities sold but not yet purchased | | | | |
Changes in deposits from Bank clients, net | | | | |
Lease payments | | | | |
Shareholders' dividends and other equity distributions | | | | |
Common shares repurchased (note 11) | | | | |
Common shares issued, net (note 11) | | | | |
Preferred shares and other equity issued, net (note 11) | | | | |
Preferred shares redeemed, net (note 11) | | | | |
Contributions from (distributions to) non-controlling interests, net | | | | |
Cash provided by (used in) financing activities | | | | |
Cash and short-term securities | | | | |
Increase (decrease) during the year | | | | |
Effect of foreign exchange rate changes on cash and short-term securities | | | | |
Net cash and short-term securities, January 1 | | | | |
Net cash and short-term securities, December 31 | | | | |
Cash and short-term securities | | | | |
Gross cash and short-term securities, beginning of year | | | | |
Net payments in transit, included in other liabilities, end of year | | | | |
Gross cash and short-term securities, end of year | | | | |
Net cash and short-term securities, January 1 | | | | |
Net payments in transit, included in other liabilities, end of year | | | | |
Net cash and short-term securities, December 31 | | | | |
Supplemental disclosures on cash flow information | | | | |
Interest received | | | | |
Interest paid | 981 | 1,188 | 1,299 | 1,212 |
|
Income taxes paid | | | | |