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22 of the country, wherever there are opportunities for capital investment. At the end of 2013, Canadian investments held by life and health insurance providers registered in Canada on behalf of all of their policyholders totalled $580 billion. Of this amount, $538 billion was held for Canadian policyholders. The additional $42 billion was invested in Canada on behalf of foreign policyholders by Canadian life and health insurance providers doing business outside of Canada and by American companies registered to do business in Canada. (Note that the word investment is being used in a more restrictive sense than asset, as explained in the footnote to the table on page 21.) Liabilities of life and health insurers At the end of 2013, actuarial liabilities amounted to 80.1 per cent of the total assets held in Canada by all life and health insurance providers. Other policy liabilities, such as amounts left on deposit at interest and policyholder dividends payable, accounted for 3.9 per cent of all assets. Borrowed funds and other liabilities amounted to 4.8 per cent. Capital and surplus, consisting of retained earnings and, for those companies with share capital, capital stock and contributed surplus, as well as head office accounts for non- resident companies, accounted for the remaining 11.2 per cent. Actuarial liabilities are the estimated funds needed, together with future premiums and investment income, to pay future benefits and expenses under insurance and annuity contracts, with an allowance provided for adverse experience to take into account uncertainties associated with future assumptions. At the end of 2013, life and health insurance providers maintained actuarial liabilities in Canada totalling $517 billion. Ann uities * 62.9% Life insurance 29.7% Health insurance 7.4% Individual 28.7% Group 1.0% Group 35.1% Individual 27.8% Total: $516.9 billion Actuarial Liabilities in Canada End of 2013 Sources: OSFI, CLHIA *Includes all segregated funds held for the benefit of policyholders Segregated Fund Operations in Canada – 2013 Assets Premiums $145.2 $101.7 $10.1 $21.4 (billions) Total: $31.5 billion Total: $246.9 billion Sources: OSFI, CLHIA *Includes individual life insurance and annuities