Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2023

Disclosure of reconciliation of changes in goodwill

Changes in the carrying amount of goodwill by reportable business segment are as follows:


	Canada			U.S.			Asia			Asset Management			Corporate			Total
Balance, January 1, 2022		$	2,607		$	1,108		$	659		$	1,959		$	184	$	6,517
Acquisitions (Note 3)		—			2,030			—			—			—		2,030

Impairment(1)		—			—			—			—			(170)		(170)
Foreign exchange rate movements		—			226			41			75			(14)		328
Balance, December 31, 2022		$	2,607		$	3,364		$	700		$	2,034		$	—	$	8,705
Acquisitions (Note 3)		162			104			—			134			—		400
Disposition		(21)			—			—			—			—		(21)

Foreign exchange rate movements		—			(79)			(16)			(20)			—		(115)
Balance, December 31, 2023		$	2,748		$	3,389		$	684		$	2,148		$	—	$	8,969

(1) The sale of Sun Life UK resulted in an impairment charge of $170 for the UK CGU within Corporate in the year ended December 31, 2022. See Note 3 for details.

The carrying amounts of goodwill allocated to our CGUs or groups of CGUs are as follows:


As at December 31,	2023			2022
Canada		$	2,748		$	2,607
U.S.
Group Benefits		1,106			1,132
Dental		2,283			2,232
Asia		684			700
Asset Management
MFS		503			513
SLC Management		1,645			1,521


Total		$	8,969		$	8,705

Disclosure of reconciliation of changes in and components of intangible assets

Changes in intangible assets are as follows:


	Finite life
	Internally generated software			Other		Indefinite life			Total
Gross carrying amount
Balance, January 1, 2022		$	1,265	$	2,367		$	1,081	$	4,713
Additions		206		23			—		229
Acquisitions		232		999			—		1,231
Disposals		(1)		—			—		(1)
Foreign exchange rate movements		59		153			36		248
Balance, December 31, 2022		$	1,761	$	3,542		$	1,117	$	6,420
Additions		126		261			46		433
Acquisitions		—		368			67		435

Foreign exchange rate movements		(11)		(73)			(8)		(92)
Balance, December 31, 2023		$	1,876	$	4,098		$	1,222	$	7,196
Accumulated amortization and impairment losses
Balance, January 1, 2022		$	(615)	$	(705)		$	(23)	$	(1,343)
Amortization charge for the year		(113)		(174)			—		(287)
Disposals		1		—			—		1
Impairment of intangible assets		(16)		(2)			—		(18)
Foreign exchange rate movements		(22)		(25)			(2)		(49)
Balance, December 31, 2022		$	(765)	$	(906)		$	(25)	$	(1,696)
Amortization charge for the year		(113)		(231)			—		(344)

Impairment of intangible assets		—		—			(5)		(5)
Foreign exchange rate movements		6		15			2		23
Balance, December 31, 2023		$	(872)	$	(1,122)		$	(28)	$	(2,022)
Net carrying amount, end of period:
As at December 31, 2022		$	996	$	2,636		$	1,092	$	4,724
As at December 31, 2023		$	1,004	$	2,976		$	1,194	$	5,174

The components of the intangible assets are as follows:


As at December 31,	2023			2022
Finite life intangible assets:
Distribution, sales potential of field force		$	258		$	281
Client relationships and asset administration contracts		2,718			2,355
Internally generated software		1,004			996
Total finite life intangible assets		3,980			3,632
Indefinite life intangible assets:
Fund management contracts(1)		1,194			1,092
Total indefinite life intangible assets		1,194			1,092
Total intangible assets		$	5,174		$	4,724

(1) Fund management contracts are attributable to Asset Management, where its competitive position in, and the stability of, its markets support their classification as indefinite life intangible assets.