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Goodwill and Intangible Assets (Tables) | 12 Months Ended
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Dec. 31, 2023
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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.
For the year ended December 31, 2023 |  | Balance, January 1, 2023 |  |  | Net additions/ (disposals) |  |  | Amortization expense |  |  | Effect of changes in foreign exchange rates |  |  | Balance, December 31, 2023 |
Goodwill |  | $ | 6,014 |  |  | $ | – |  |  | $ | n/a |  |  | $ | (95 | ) |  | $ | 5,919 |
Indefinite life intangible assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Brand |  |  | 813 |  |  |  | – |  |  |  | n/a |  |  |  | (22 | ) |  |  | 791 |
Fund management contracts and other (1) |  |  | 1,048 |  |  |  | – |  |  |  | n/a |  |  |  | (14 | ) |  |  | 1,034 |
|  |  | 1,861 |  |  |  | – |  |  |  | n/a |  |  |  | (36 | ) |  |  | 1,825 |
Finite life intangible assets (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Distribution networks |  |  | 881 |  |  |  | 31 |  |  |  | (53 | ) |  |  | (25 | ) |  |  | 834 |
Customer relationships |  |  | 643 |  |  |  | (4 | ) |  |  | (53 | ) |  |  | (4 | ) |  |  | 582 |
Software |  |  | 1,068 |  |  |  | 274 |  |  |  | (217 | ) |  |  | (23 | ) |  |  | 1,102 |
Other |  |  | 52 |  |  |  | 11 |  |  |  | (5 | ) |  |  | (10 | ) |  |  | 48 |
|  |  | 2,644 |  |  |  | 312 |  |  |  | (328 | ) |  |  | (62 | ) |  |  | 2,566 |
Total intangible assets |  |  | 4,505 |  |  |  | 312 |  |  |  | (328 | ) |  |  | (98 | ) |  |  | 4,391 |
Total goodwill and intangible assets |  | $ | 10,519 |  |  | $ | 312 |  |  | $ | (328 | ) |  | $ | (193 | ) |  | $ | 10,310 |
For the year ended December 31, 2022 |  | Balance, January 1, 2022 |  |  | Net additions/ (disposals) (3),(4) |  |  | Amortization expense |  |  | Effect of changes in foreign exchange rates |  |  | Balance, December 31, 2022 |
Goodwill |  | $ | 5,651 |  |  | $ | 255 |  |  | $ | n/a |  |  | $ | 108 |  |  | $ | 6,014 |
Indefinite life intangible assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Brand |  |  | 761 |  |  |  | – |  |  |  | n/a |  |  |  | 52 |  |  |  | 813 |
Fund management contracts and other (1) |  |  | 788 |  |  |  | 228 |  |  |  | n/a |  |  |  | 32 |  |  |  | 1,048 |
|  |  | 1,549 |  |  |  | 228 |  |  |  | n/a |  |  |  | 84 |  |  |  | 1,861 |
Finite life intangible assets (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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 |
(1) | Fund management contracts are mostly allocated to Canada WAM and U.S. WAM CGUs with carrying values of $ 273 (2022 – $ 273 ) and $ 386 (2022 – $ 397 ), respectively.
(2) | Gross carrying amount of finite life intangible assets was $ 2,955 for software, $ 1,511 for distribution networks, $ 1,136 for customer relationships and $ 138 for other (2022 – $ 2,736 , $ 1,517 , $ 1,146 and $ 136 ), respectively.
(3) | In November 2022, the Company acquired control of Manulife Fund Management Co., Ltd., formerly known as Manulife TEDA Fund Management Co., 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 , included in Other, of $255, $185, $52 and $3 were recognized.
(4) | 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.
Summary of Impairment Testing of Goodwill | The following tables present the carrying value of goodwill by CGU or group of CGUs.
For the year ended December 31, 2023 CGU or group of CGUs |  | Balance, January 1, 2023 |  |  | Net additions/ (disposals) |  |  | Effect of changes in foreign exchange rates |  |  | Balance, December 31, 2023 |
Asia |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asia Insurance (excluding Japan) |  | $ | 162 |  |  | $ | – |  |  | $ | (3 | ) |  | $ | 159 |
Japan Insurance |  |  | 360 |  |  |  | – |  |  |  | (32 | ) |  |  | 328 |
Canada Insurance |  |  | 1,960 |  |  |  | – |  |  |  | (2 | ) |  |  | 1,958 |
U.S. Insurance |  |  | 360 |  |  |  | – |  |  |  | (10 | ) |  |  | 350 |
Global Wealth and Asset Management |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asia WAM |  |  | 450 |  |  |  | – |  |  |  | (12 | ) |  |  | 438 |
Canada WAM |  |  | 1,436 |  |  |  | – |  |  |  | – |  |  |  | 1,436 |
U.S. WAM |  |  | 1,286 |  |  |  | – |  |  |  | (36 | ) |  |  | 1,250 |
Total |  | $ | 6,014 |  |  | $ | – |  |  | $ | (95 | ) |  | $ | 5,919 |
For the year ended December 31, 2022 CGU or group of CGUs |  | Balance, January 1, 2022 |  |  | Net additions/ (disposals) |  |  | Effect of changes in foreign exchange rates |  |  | Balance, December 31, 2022 |
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 |

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