XML 66 R37.htm IDEA: XBRL DOCUMENT v3.24.0.1
Goodwill and Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2023
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.
 
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