Sun Life 2015 Annual Report Download - page 138
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10.B Intangible Assets
Changes in intangible assets are as follows:
Finite life
Indefinite
life Total
Internally
generated software Other
Gross carrying amount
Balance, January 1, 2014 $ 290 $ 714 $ 243 $ 1,247
Additions 66 – – 66
Disposals ––––
Foreign exchange rate movements 11 12 23 46
Balance, December 31, 2014 $ 367 $ 726 $ 266 $ 1,359
Additions 72 – – 72
Acquisitions (Note 3) – 152 350 502
Disposals (17) – – (17)
Foreign exchange rate movements 29 26 61 116
Balance, December 31, 2015 $ 451 $ 904 $ 677 $ 2,032
Accumulated amortization and impairment losses
Balance, January 1, 2014 $ (136) $ (245) $ – $ (381)
Amortization charge for the year (47) (25) – (72)
Disposals ––––
Impairment of intangible assets (3) – – (3)
Foreign exchange rate movements (4) (4) – (8)
Balance, December 31, 2014 $ (190) $ (274) $ – $ (464)
Amortization charge for the year (55) (28) – (83)
Disposals 17 – – 17
Impairment of intangible assets – – (4) (4)
Foreign exchange rate movements (11) (8) – (19)
Balance, December 31, 2015 $ (239) $ (310) $ (4) $ (553)
Net carrying amount, end of period:
As at December 31, 2014 $ 177 $ 452 $ 266 $ 895
As at December 31, 2015 $ 212 $ 594 $ 673 $ 1,479
The components of the intangible assets are as follows:
As at December 31, 2015 2014
Finite life intangible assets:
Sales potential of field force $ 338 $ 340
Asset administration contracts and client relationships 256 112
Internally generated software 212 177
Total finite life intangible assets $ 806 $ 629
Indefinite life intangible assets:
Fund management contracts(1) $ 673 $ 266
Total indefinite life intangible assets $ 673 $ 266
Total intangible assets $ 1,479 $ 895
(1) Fund management contracts are attributable to the MFS and SLIM CGUs, where their competitive position in, and the stability of, their respective markets support their
classification as indefinite life intangible assets.
11. Insurance Contract Liabilities and Investment Contract Liabilities
11.A Insurance Contract Liabilities
11.A.i Description of Business
The majority of the products sold by the Company are insurance contracts. These contracts include all forms of life, health and critical
illness insurance sold to individuals and groups, life contingent annuities, accumulation annuities, and segregated fund products with
guarantees.
136 Sun Life Financial Inc. Annual Report 2015 Notes to Consolidated Financial Statements