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Goodwill and Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2022
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, 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