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Goodwill and Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2021
Text block [abstract]  
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, 2021
   Balance,
January 1		     Net additions/
(disposals)
(1)
     Amortization
expense		     Effect of changes
in foreign
exchange rates		     Balance,
December 31		  
Goodwill
  
$
5,714
 
  
$
(5
) 
  
$
n/a
 
  
$
(58
) 
  
$
5,651
 
Indefinite life intangible assets
                                        
Brand
  
 
764
 
  
 
–
 
  
 
n/a
 
  
 
(3
) 
  
 
761
 
Fund management contracts and other
(2)
  
 
796
 
  
 
(3
) 
  
 
n/a
 
  
 
(5
) 
  
 
788
 
 
  
 
1,560
 
  
 
(3
) 
  
 
n/a
 
  
 
(8
) 
  
 
1,549
 
Finite life intangible assets
(3)
                                        
Distribution networks
  
 
806
 
  
 
131
 
  
 
44
 
  
 
(5
) 
  
 
888
 
Customer relationships
  
 
738
 
  
 
(2
) 
  
 
48
 
  
 
(1
) 
  
 
687
 
Software
  
 
1,059
 
  
 
198
 
  
 
148
 
  
 
(18
) 
  
 
1,091
 
Other
  
 
52
 
  
 
2
 
  
 
6
 
  
 
1
 
  
 
49
 
 
  
 
2,655
 
  
 
329
 
  
 
246
 
  
 
(23
) 
  
 
2,715
 
Total intangible assets
  
 
4,215
 
  
 
326
 
  
 
246
 
  
 
(31
) 
  
 
4,264
 
Total goodwill and intangible assets
  
$
9,929
 
  
$
321
 
  
$
246
 
  
$
(89
) 
  
$
9,915
 
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
(2)
     805       (2 )      n/a       (7 )      796  
 
     1,584       (2 )      n/a       (22 )      1,560  
Finite life intangible assets
(3)
                                        
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  
 
(1)
In December 2021, the Company purchased the Vietnamese operations of Aviva Plc including rights to an exclusive distribution agreement with VietinBank.
(2)
Fund management contracts are mostly allocated to Canada WAM and U.S. WAM CGUs with the carrying values of $273 (2020 – $273) and $371 (2020 – $373), respectively.
(3)
Gross carrying amount of finite life intangible assets was $1,456 for distribution networks, $1,132 for customer relationships, $2,484 for software and $124 for other (2020 – $1,332, $1,130, $2,310 and $123), 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, 2021
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
 
  
$
(5
) 
  
$
(2
) 
  
$
152
 
         
Japan Insurance
  
 
433
 
  
 
–
 
  
 
(47
) 
  
 
386
 
         
Canada Insurance
  
 
1,955
 
  
 
–
 
  
 
–
 
  
 
1,955
 
         
U.S. Insurance
  
 
338
 
  
 
–
 
  
 
(2
) 
  
 
336
 
         
Global Wealth and Asset Management
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
         
Asia WAM
  
 
185
 
  
 
–
 
  
 
(2
) 
  
 
183
 
         
Canada WAM
  
 
1,436
 
  
 
–
 
  
 
–
 
  
 
1,436
 
         
U.S. WAM
  
 
1,208
 
  
 
–
 
  
 
(5
) 
  
 
1,203
 
         
Total
  
$
5,714
 
  
$
(5
) 
  
$
(58
) 
  
$
5,651
 
         
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