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Goodwill and Intangible Assets (Tables) | 12 Months Ended
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Dec. 31, 2020
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Summary of Carrying Amounts of Goodwill and Intangible Assets | (a) Change in the carrying value of goodwill and intangible assets The following table presents the change in carrying value of goodwill and intangible assets.
As at December 31, 2020 |  | Balance, January 1 |  |  | Net additions/ (disposals) |  |  | Amortization expense |  |  | Effect of changes in foreign exchange rates |  |  | Balance, December 31 |
Goodwill |  | $ | 5,743 |  |  | $ | (5 | ) |  | $ | n/a |  |  | $ | (24 | ) |  | $ | 5,714 |
Indefinite life intangible assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Brand |  |  | 779 |  |  |  | – |  |  |  | n/a |  |  |  | (15 | ) |  |  | 764 |
Fund management contracts and other (1) |  |  | 805 |  |  |  | (2 | ) |  |  | n/a |  |  |  | (7 | ) |  |  | 796 |
|  |  | 1,584 |  |  |  | (2 | ) |  |  | n/a |  |  |  | (22 | ) |  |  | 1,560 |
Finite life intangible assets (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Distribution networks |  |  | 801 |  |  |  | 59 |  |  |  | 42 |  |  |  | (12 | ) |  |  | 806 |
Customer relationships |  |  | 795 |  |  |  | – |  |  |  | 54 |  |  |  | (3 | ) |  |  | 738 |
Software |  |  | 991 |  |  |  | 262 |  |  |  | 189 |  |  |  | (5 | ) |  |  | 1,059 |
Other |  |  | 61 |  |  |  | (9 | ) |  |  | 4 |  |  |  | 4 |  |  |  | 52 |
|  |  | 2,648 |  |  |  | 312 |  |  |  | 289 |  |  |  | (16 | ) |  |  | 2,655 |
Total intangible assets |  |  | 4,232 |  |  |  | 310 |  |  |  | 289 |  |  |  | (38 | ) |  |  | 4,215 |
Total goodwill and intangible assets |  | $ | 9,975 |  |  | $ | 305 |  |  | $ | 289 |  |  | $ | (62 | ) |  | $ | 9,929 |
As at December 31, 2019 |  | Balance, January 1 |  |  | Net additions/ (disposals) |  |  | Amortization expense |  |  | Effect of changes in foreign exchange rates |  |  | Balance, December 31 |
Goodwill |  | $ | 5,864 |  |  | $ | (6 | ) |  | $ | n/a |  |  | $ | (115 | ) |  | $ | 5,743 |
Indefinite life intangible assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Brand |  |  | 819 |  |  |  | – |  |  |  | n/a |  |  |  | (40 | ) |  |  | 779 |
Fund management contracts and other (1) |  |  | 798 |  |  |  | 32 |  |  |  | n/a |  |  |  | (25 | ) |  |  | 805 |
|  |  | 1,617 |  |  |  | 32 |  |  |  | n/a |  |  |  | (65 | ) |  |  | 1,584 |
Finite life intangible assets (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Distribution networks |  |  | 868 |  |  |  | 6 |  |  |  | 44 |  |  |  | (29 | ) |  |  | 801 |
Customer relationships |  |  | 860 |  |  |  | (2 | ) |  |  | 54 |  |  |  | (9 | ) |  |  | 795 |
Software |  |  | 821 |  |  |  | 357 |  |  |  | 168 |  |  |  | (19 | ) |  |  | 991 |
Other |  |  | 67 |  |  |  | – |  |  |  | 5 |  |  |  | (1 | ) |  |  | 61 |
|  |  | 2,616 |  |  |  | 361 |  |  |  | 271 |  |  |  | (58 | ) |  |  | 2,648 |
Total intangible assets |  |  | 4,233 |  |  |  | 393 |  |  |  | 271 |  |  |  | (123 | ) |  |  | 4,232 |
Total goodwill and intangible assets |  | $ | 10,097 |  |  | $ | 387 |  |  | $ | 271 |  |  | $ | (238 | ) |  | $ | 9,975 |
(1) | Fund management contracts were mostly allocated to Canada WAM and U.S. WAM CGUs with the carrying values of $273 (2019 – $273) and $373 (2019 – $380), respectively.
(2) | Gross carrying amount of finite life intangible assets was $1,332 for distribution networks, $1,130 for customer relationships, $2,310 for software and $123 for other (2019 – $1,292, $1,133, $2,239 and $130), respectively.
Summary of Impairment Testing of Goodwill | The following tables present the carrying value of goodwill by CGU or group of CGUs.
As at December 31, 2020 CGU or group of CGUs |  | Balance, January 1, |  |  | Net additions/ (disposals) |  |  | Effect of changes in foreign exchange rates |  |  | Balance, December 31, |
Asia |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asia Insurance (excluding Japan) |  | $ | 159 |  |  | $ | – |  |  | $ | – |  |  | $ | 159 |
Japan Insurance |  |  | 420 |  |  |  | – |  |  |  | 13 |  |  |  | 433 |
Canada Insurance |  |  | 1,957 |  |  |  | – |  |  |  | (2 | ) |  |  | 1,955 |
U.S. Insurance |  |  | 349 |  |  |  | (5 | ) |  |  | (6 | ) |  |  | 338 |
Global Wealth and Asset Management |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asia WAM |  |  | 187 |  |  |  | – |  |  |  | (2 | ) |  |  | 185 |
Canada WAM |  |  | 1,436 |  |  |  | – |  |  |  | – |  |  |  | 1,436 |
U.S. WAM |  |  | 1,235 |  |  |  | – |  |  |  | (27 | ) |  |  | 1,208 |
Total |  | $ | 5,743 |  |  | $ | (5 | ) |  | $ | (24 | ) |  | $ | 5,714 |
As at December 31, 2019 CGU or group of CGUs |  | Balance, January 1, |  |  | Net additions/ (disposals) |  |  | Effect of changes in foreign exchange rates |  |  | Balance, December 31, |
Asia |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asia Insurance (excluding Japan) |  | $ | 165 |  |  | $ | – |  |  | $ | (6 | ) |  | $ | 159 |
Japan Insurance |  |  | 435 |  |  |  | – |  |  |  | (15 | ) |  |  | 420 |
Canada Insurance |  |  | 1,962 |  |  |  | – |  |  |  | (5 | ) |  |  | 1,957 |
U.S. Insurance |  |  | 367 |  |  |  | – |  |  |  | (18 | ) |  |  | 349 |
Global Wealth and Asset Management |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asia WAM |  |  | 196 |  |  |  | – |  |  |  | (9 | ) |  |  | 187 |
Canada WAM |  |  | 1,436 |  |  |  | – |  |  |  | – |  |  |  | 1,436 |
U.S. WAM |  |  | 1,303 |  |  |  | (6 | ) |  |  | (62 | ) |  |  | 1,235 |
Total |  | $ | 5,864 |  |  | $ | (6 | ) |  | $ | (115 | ) |  | $ | 5,743 |
The valuation techniques, significant assumptions and sensitivities, where applicable, applied in the goodwill impairment testing are described below.

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