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Goodwill and Intangible Assets (Tables)
 12 Months Ended
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