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Goodwill and Intangible Assets (Tables) | 12 Months Ended
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Dec. 31, 2022
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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, 2022 |  | Balance, January 1 |  |  | Net additions/ (disposals) (1)(2) |  |  | Amortization expense |  |  | Effect of changes in foreign exchange rates |  |  | Balance, December 31 |
Goodwill |  | $ | 5,651 |  |  | $ | 255 |  |  | $ | n/a |  |  | $ | 108 |  |  | $ | 6,014 |
Indefinite life intangible assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Brand |  |  | 761 |  |  |  | – |  |  |  | n/a |  |  |  | 52 |  |  |  | 813 |
Fund management contracts and other (3) |  |  | 788 |  |  |  | 228 |  |  |  | n/a |  |  |  | 32 |  |  |  | 1,048 |
|  |  | 1,549 |  |  |  | 228 |  |  |  | n/a |  |  |  | 84 |  |  |  | 1,861 |
Finite life intangible assets (4) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Distribution networks |  |  | 888 |  |  |  | 6 |  |  |  | 47 |  |  |  | 34 |  |  |  | 881 |
Customer relationships |  |  | 687 |  |  |  | – |  |  |  | 56 |  |  |  | 12 |  |  |  | 643 |
Software |  |  | 1,091 |  |  |  | 192 |  |  |  | 235 |  |  |  | 20 |  |  |  | 1,068 |
Other |  |  | 49 |  |  |  | 7 |  |  |  | 6 |  |  |  | 2 |  |  |  | 52 |
|  |  | 2,715 |  |  |  | 205 |  |  |  | 344 |  |  |  | 68 |  |  |  | 2,644 |
Total intangible assets |  |  | 4,264 |  |  |  | 433 |  |  |  | 344 |  |  |  | 152 |  |  |  | 4,505 |
Total goodwill and intangible assets |  | $ | 9,915 |  |  | $ | 688 |  |  | $ | 344 |  |  | $ | 260 |  |  | $ | 10,519 |
As at December 31, 2021 |  | Balance, January 1 |  |  | Net additions/ (disposals) (5) |  |  | 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 (3) |  |  | 796 |  |  |  | (3 | ) |  |  | n/a |  |  |  | (5 | ) |  |  | 788 |
|  |  | 1,560 |  |  |  | (3 | ) |  |  | n/a |  |  |  | (8 | ) |  |  | 1,549 |
Finite life intangible assets (4) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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 |
(1) | In November 2022, the Company acquired control of Manulife TEDA Fund Management Company, LTD. through the purchase of the remaining 51% of shares that it did not already own from its joint venture partner. The transaction included cash consideration of $334 and derecognition of the Company’s previous joint venture interest with a fair value of $321. Goodwill, indefinite life fund management contracts and distribution networks, and finite life management contracts of $255, $185, $52 and $3 were recognized.
(2) | In January 2022, the Company paid $256 to VietinBank for an extension of the life of the distribution agreement acquired from Aviva Plc in December 2021.
(3) | Fund management contracts are mostly allocated to Canada WAM and U.S. WAM CGUs with carrying values of $273 (2021 – $273) and $397 (2021 – $371), respectively.
(4) | Gross carrying amount of finite life intangible assets was $1,517 for distribution networks, $1,146 for customer relationships, $2,736 for software and $136 for other (2021 – $1,456, $1,132, $2,484 and $124), respectively.
(5) | In December 2021, the Company purchased the Vietnamese operations of Aviva Plc including rights to an exclusive distribution agreement with VietinBank.
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, 2022 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) |  | $ | 152 |  |  | $ | – |  |  | $ | 10 |  |  | $ | 162 |
Japan Insurance |  |  | 386 |  |  |  | – |  |  |  | (26 | ) |  |  | 360 |
Canada Insurance |  |  | 1,955 |  |  |  | – |  |  |  | 5 |  |  |  | 1,960 |
U.S. Insurance |  |  | 336 |  |  |  | – |  |  |  | 24 |  |  |  | 360 |
Global Wealth and Asset Management |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asia WAM |  |  | 183 |  |  |  | 255 |  |  |  | 12 |  |  |  | 450 |
Canada WAM |  |  | 1,436 |  |  |  | – |  |  |  | – |  |  |  | 1,436 |
U.S. WAM |  |  | 1,203 |  |  |  | – |  |  |  | 83 |  |  |  | 1,286 |
Total |  | $ | 5,651 |  |  | $ | 255 |  |  | $ | 108 |  |  | $ | 6,014 |
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 |

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