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Goodwill and Intangible Assets (Tables) | 12 Months Ended
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Dec. 31, 2024
Goodwill And Intangible Assets [Abstract] |
Summary of Changes in Carrying Value of Goodwill and Intangible Assets | The following tables present the changes in carrying value of goodwill and intangible assets.
For the year ended December 31, 2024 | Balance, January 1, 2024 | Net additions / (disposals)(1) | Amortization expense | Effect of changes in foreign exchange rates | Balance, December 31, 2024
Goodwill | $5,919 | $150 | $ n/a | $206 | $6,275
Indefinite life intangible assets |  |  |  |  |
Brand | 791 | 3 | n/a | 72 | 866
Fund management contracts and other(2) | 1,034 | 156 | n/a | 68 | 1,258
| 1,825 | 159 | n/a | 140 | 2,124
Finite life intangible assets(3) |  |  |  |  |
Distribution networks | 834 | 13 | (56) | 49 | 840
Customer relationships | 582 | - | (52) | 12 | 542
Software | 1,102 | 329 | (257) | 38 | 1,212
Other | 48 | 7 | (9) | 13 | 59
| 2,566 | 349 | (374) | 112 | 2,653
Total intangible assets | 4,391 | 508 | (374) | 252 | 4,777
Total goodwill and intangible assets | $10,310 | $658 | $(374) | $458 | $11,052
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(2) | 1,048 | - | n/a | (14) | 1,034
| 1,861 | - | n/a | (36) | 1,825
Finite life intangible assets(3) |  |  |  |  |
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
(1)In April 2024, the Company acquired control of CQS Management Limited, the London-based alternative credit investment manager, through purchase of 100% of its shares outstanding. The transaction included cash consideration of $334 and contingent consideration of $8. Goodwill, brand, indefinite lived and definite lived management contracts of $150, $3, $153 and $7 were recognized. (2)Fund management contracts are mostly allocated to Canada WAM and U.S. WAM CGUs with carrying values of $273 (2023 – $273) and $421 (2023 – $386), respectively. (3)Gross carrying amount of finite life intangible assets was $3,408 for software, $1,617 for distribution networks, $1,156 for customer relationships and $156 for other (2023 – $2,955, $1,511, $1,136 and $138), respectively.
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, 2024 | Balance, January 1, 2024 | Net additions/ (disposals) | Effect of changes in foreign exchange rates | Balance, December 31, 2024
CGU or group of CGUs
Asia |  |  |  |  |  |  |  |
Asia Insurance (excluding Japan) |  | $159 |  | $- |  | $11 |  | $170
Japan Insurance |  | 328 |  | - |  | (7) |  | 321
Canada Insurance |  | 1,958 |  | - |  | 8 |  | 1,966
U.S. Insurance |  | 350 |  | - |  | 32 |  | 382
Global Wealth and Asset Management |  |  |  |  |  |  |  |
Asia WAM |  | 438 |  | - |  | 41 |  | 479
Canada WAM |  | 1,436 |  | - |  | - |  | 1,436
U.S. WAM |  | 1,250 |  | 150 |  | 121 |  | 1,521
Total |  | $5,919 |  | $150 |  | $206 |  | $6,275
For the year ended December 31, 2023 | Balance, January 1, 2023 | Net additions/ (disposals) | Effect of changes in foreign exchange rates | Balance, December 31, 2023
CGU or group of CGUs
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

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