Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2022

Disclosure of reconciliation of changes in goodwill

Changes in the carrying amount of goodwill acquired through business combinations by reportable business segment are as follows:


	Canada			U.S.			Asia	Asset Management		Corporate				Total
Balance, January 1, 2021		$	2,607		$	1,062		$	665	$	1,551	$	187		$	6,072
Acquisitions (Note 3)		—			53			3		423		—			479
Foreign exchange rate movements		—			(7)			(9)		(15)		(3)			(34)
Balance, December 31, 2021		$	2,607		$	1,108		$	659	$	1,959	$	184		$	6,517
Acquisitions (Note 3)		—			2,030			—		—		—			2,030
Impairment(1)		—			—			—		—		(170)			(170)
Foreign exchange rate movements		—			226			41		75		(14)			328
Balance, December 31, 2022		$	2,607		$	3,364		$	700	$	2,034	$	—		$	8,705

(1) The sale of Sun Life UK resulted in an impairment charge of $170 for the UK CGU within Corporate. See Note 3 for details.

The carrying amounts of goodwill allocated to our CGUs or groups of CGUs are as follows:


As at December 31,	2022			2021
Canada		$	2,607		$	2,607



U.S.(1)
Group Benefits		1,132			1,108
Dental		2,232			—
Asia		700			659
Asset Management
MFS		513			483
SLC Management		1,521			1,476

Corporate
UK		—			184
Total		$	8,705		$	6,517

(1) Reflects a change in presentation in our U.S. business segment as two CGU groups effective June 1, 2022.

Disclosure of reconciliation of changes in and components of intangible assets

Changes in intangible assets are as follows:


	Finite life
	Internally generated software			Other		Indefinite life		Total
Gross carrying amount
Balance, January 1, 2021		$	1,070	$	1,634	$	938	$	3,642
Additions		219		471		—		690
Acquisitions		—		271		153		424
Disposals		(24)		—		—		(24)
Foreign exchange rate movements		—		(9)		(10)		(19)
Balance, December 31, 2021		$	1,265	$	2,367	$	1,081	$	4,713
Additions		206		23		—		229
Acquisitions		232		999		—		1,231
Disposals		(1)		—		—		(1)
Foreign exchange rate movements		59		153		36		248
Balance, December 31, 2022		$	1,761	$	3,542	$	1,117	$	6,420
Accumulated amortization and impairment losses
Balance, January 1, 2021		$	(561)	$	(590)	$	(14)	$	(1,165)
Amortization charge for the year		(79)		(114)		—		(193)
Disposals		24		—		—		24
Impairment of intangible assets		—		—		(9)		(9)
Foreign exchange rate movements		1		(1)		—		—
Balance, December 31, 2021		$	(615)	$	(705)	$	(23)	$	(1,343)
Amortization charge for the year		(113)		(174)		—		(287)
Disposals		1		—		—		1
Impairment of intangible assets		(16)		(2)		—		(18)
Foreign exchange rate movements		(22)		(25)		(2)		(49)
Balance, December 31, 2022		$	(765)	$	(906)	$	(25)	$	(1,696)
Net carrying amount, end of period:
As at December 31, 2021		$	650	$	1,662	$	1,058	$	3,370
As at December 31, 2022		$	996	$	2,636	$	1,092	$	4,724

The components of the intangible assets are as follows:


As at December 31,	2022			2021
Finite life intangible assets:
Distribution, sales potential of field force		$	281		$	295
Client relationships and asset administration contracts		2,355			1,367
Internally generated software		996			650
Total finite life intangible assets		3,632			2,312
Indefinite life intangible assets:
Fund management contracts(1)		1,092			1,058
Total indefinite life intangible assets		1,092			1,058
Total intangible assets		$	4,724		$	3,370

(1) Fund management contracts are attributable to Asset Management, where its competitive position in, and the stability of, its markets support their classification as indefinite life intangible assets.