Total assetsECONOMIC
50.2$bn
▲ $1.4bn YTD
Financial position
Enterprise Balance Sheet
Assets, liabilities and surplus reconciled across economic, accounting and regulatory bases.
Aug 28, 2026 · USD
● Reconciled
Total liabilitiesECONOMIC
43.4$bn
▲ $0.9bn YTD
Economic surplusVALUE
6.88$bn
▲ 3.4% vs. current
Duration gapALM
−0.12yrs
Within ±0.25 policy
Liquidity coverage30-DAY
164%
▲ 54 pp above target
Multi-basis balance sheet
Consolidated view; amounts in USD billions
BasisAssetsLiabilitiesSurplus / CSMRequired capitalRatioEconomic50.2443.366.882.69188.5%IFRS 1749.7142.956.35——U.S. statutory / RBC47.8243.004.821.17425%Canadian / LICAT12.6410.991.651.25132%Management view50.6343.387.252.69188.5%
Asset composition
Economic market value
Public fixed income32%Private credit23%Equities18%Real assets14%Other / cash13%
Asset–liability cash-flow profile
Projected inflows and outflows by tenor
Blue: asset cash flows Green: liability cash flows
Surplus movement
Current position to tested position
6.49Current
+0.28Assets
−0.15Liability
+0.21Capital
6.88Tested
Balance-sheet quality
Management guardrails
Investment grade
83%
Liquid in 30 days
72%
Currency matched
94%
Duration matched
91%
Private asset limit
78%
Management interpretation: The tested portfolio improves economic surplus by approximately $390 million, closes the duration gap to −0.12 years and maintains ample near-term liquidity across all four reporting bases.