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Goodwill and Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2020
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, 2020
 Balance,
January 1		  Net additions/
(disposals)		  Amortization
expense		  Effect of changes
in foreign
exchange rates		  Balance,
December 31		 
Goodwill
 
$
5,743
 
 
$
(5
) 
 
$
n/a
 
 
$
(24
) 
 
$
5,714
 
Indefinite life intangible assets
                    
Brand
 
 
779
 
 
 
–
 
 
 
n/a
 
 
 
(15
) 
 
 
764
 
Fund management contracts and other
(1)
 
 
805
 
 
 
(2
) 
 
 
n/a
 
 
 
(7
) 
 
 
796
 
 
 
 
1,584
 
 
 
(2
) 
 
 
n/a
 
 
 
(22
) 
 
 
1,560
 
Finite life intangible assets
(2)
                    
Distribution networks
 
 
801
 
 
 
59
 
 
 
42
 
 
 
(12
) 
 
 
806
 
Customer relationships
 
 
795
 
 
 
–
 
 
 
54
 
 
 
(3
) 
 
 
738
 
Software
 
 
991
 
 
 
262
 
 
 
189
 
 
 
(5
) 
 
 
1,059
 
Other
 
 
61
 
 
 
(9
) 
 
 
4
 
 
 
4
 
 
 
52
 
 
 
 
2,648
 
 
 
312
 
 
 
289
 
 
 
(16
) 
 
 
2,655
 
Total intangible assets
 
 
4,232
 
 
 
310
 
 
 
289
 
 
 
(38
) 
 
 
4,215
 
Total goodwill and intangible assets
 
$
9,975
 
 
$
305
 
 
$
289
 
 
$
(62
) 
 
$
9,929
 
As at December 31, 2019 Balance,
January 1		  Net additions/
(disposals)		  Amortization
expense		  Effect of changes
in foreign
exchange rates		  Balance,
December 31		 
Goodwill
 $5,864  $(6)  $n/a  $(115)  $5,743 
Indefinite life intangible assets
                    
Brand
  819   –   n/a   (40)   779 
Fund management contracts and other
(1)
  798   32   n/a   (25)   805 
 
  1,617   32   n/a   (65)   1,584 
Finite life intangible assets
(2)
                    
Distribution networks
  868   6   44   (29)   801 
Customer relationships
  860   (2)   54   (9)   795 
Software
  821   357   168   (19)   991 
Other
  67   –   5   (1)   61 
 
  2,616   361   271   (58)   2,648 
Total intangible assets
  4,233   393   271   (123)   4,232 
Total goodwill and intangible assets
 $  10,097  $  387  $  271  $(238)  $  9,975 
 
(1)
Fund management contracts were mostly allocated to Canada WAM and U.S. WAM CGUs with the carrying values of $273 (2019 – $273) and $373 (2019 – $380), respectively.
(2)
Gross carrying amount of finite life intangible assets was $1,332 for distribution networks, $1,130 for customer relationships, $2,310 for software and $123 for other (2019 – $1,292, $1,133, $2,239 and $130), respectively.
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, 2020
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
 
 
$
–
 
 
$
–
 
 
$
159
 
Japan Insurance
 
 
420
 
 
 
–
 
 
 
13
 
 
 
433
 
Canada Insurance
 
 
1,957
 
 
 
–
 
 
 
(2
) 
 
 
1,955
 
U.S. Insurance
 
 
349
 
 
 
(5
) 
 
 
(6
) 
 
 
338
 
Global Wealth and Asset Management
                
Asia WAM
 
 
187
 
 
 
–
 
 
 
(2
) 
 
 
185
 
Canada WAM
 
 
1,436
 
 
 
–
 
 
 
–
 
 
 
1,436
 
U.S. WAM
 
 
1,235
 
 
 
–
 
 
 
(27
) 
 
 
1,208
 
Total
 
$
5,743
 
 
$
(5
) 
 
$
(24
) 
 
$
5,714
 
     
As at December 31, 2019
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)
 $165  $  –  $(6)  $159 
Japan Insurance
  435   –   (15)   420 
Canada Insurance
    1,962   –   (5)   1,957 
U.S. Insurance
  367   –   (18)   349 
Global Wealth and Asset Management
                
Asia WAM
  196   –   (9)   187 
Canada WAM
  1,436   –         –   1,436 
U.S. WAM
  1,303   (6)   (62)   1,235 
Total
 $5,864  $(6)  $(115)  $  5,743 
The valuation techniques, significant assumptions and sensitivities, where applicable, applied in the goodwill impairment testing are described below.