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Intangible Assets | 12 Months Ended
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Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangible Assets Disclosure [Text Block] | Goodwill and Other intangible assets At both December 31, 2019 and 2018, Goodwill was $15.3 billion and Other intangible assets were $6.1 billion. The majority of the Other intangible assets balance at both December 31, 2019 and 2018 relates to the Chubb Corp acquisition and comprises of $3.2 billion that are subject to amortization, principally agency distribution relationships and renewal rights, and $2.9 billion that are not subject to amortization, principally trademarks. a) Goodwill The following table presents a roll-forward of Goodwill by segment:
(in millions of U.S. dollars) | North America Commercial P&C Insurance |  |  | North America Personal P&C Insurance |  |  | North America Agricultural Insurance |  |  | Overseas General Insurance |  |  | Global Reinsurance |  |  | Life Insurance |  |  | Chubb Consolidated |
Balance at December 31, 2017 | $ | 6,976 |  |  | $ | 2,240 |  |  | $ | 134 |  |  | $ | 5,004 |  |  | $ | 365 |  |  | $ | 822 |  |  | $ | 15,541 |
Foreign exchange revaluation and other | (30 | ) |  | (10 | ) |  | — |  |  | (234 | ) |  | 6 |  |  | (2 | ) |  | (270 | )
Balance at December 31, 2018 | $ | 6,946 |  |  | $ | 2,230 |  |  | $ | 134 |  |  | $ | 4,770 |  |  | $ | 371 |  |  | $ | 820 |  |  | $ | 15,271 |
Foreign exchange revaluation and other | 9 |  |  | 4 |  |  | — |  |  | 15 |  |  | — |  |  | (3 | ) |  | 25 |
Balance at December 31, 2019 | $ | 6,955 |  |  | $ | 2,234 |  |  | $ | 134 |  |  | $ | 4,785 |  |  | $ | 371 |  |  | $ | 817 |  |  | $ | 15,296 |
b) Other intangible assets Amortization expense related to purchased intangibles were $305 million, $339 million, and $260 million for the years ended December 31, 2019, 2018, and 2017, principally related to agency distribution relationships and renewal rights. The following table presents, as of December 31, 2019, the expected estimated pre-tax amortization expense (benefit) of purchased intangibles, at current foreign currency exchange rates, for the next five years:
| Associated with the Chubb Corp Acquisition |  |  |  |  |
For the Years Ending December 31 (in millions of U.S. dollars) | Agency distribution relationships and renewal rights |  |  | Fair value adjustment on Unpaid losses and loss expense (1) |  |  | Total |  |  | Other intangible assets |  |  | Total Amortization of purchased intangibles |
2020 | $ | 239 |  |  | $ | (35 | ) |  | $ | 204 |  |  | $ | 86 |  |  | $ | 290 |
2021 | 216 |  |  | (20 | ) |  | 196 |  |  | 84 |  |  | 280 |
2022 | 196 |  |  | (14 | ) |  | 182 |  |  | 93 |  |  | 275 |
2023 | 177 |  |  | (7 | ) |  | 170 |  |  | 91 |  |  | 261 |
2024 | 159 |  |  | (5 | ) |  | 154 |  |  | 85 |  |  | 239 |
Total | $ | 987 |  |  | $ | (81 | ) |  | $ | 906 |  |  | $ | 439 |  |  | $ | 1,345 |
(1) | In connection with the Chubb Corp acquisition, we recorded an increase to Unpaid losses and loss expenses acquired to adjust the carrying value of Chubb Corp's historical Unpaid losses and loss expenses to fair value as of the acquisition date. This fair value adjustment amortizes through Amortization of purchased intangibles on the Consolidated statements of operations through the year 2032. The balance of the fair value adjustment on Unpaid losses and loss expense was $145 million and $207 million at December 31, 2019 and 2018, respectively. Refer to Note 1(h) for additional information.
c) VOBA The following table presents a roll-forward of VOBA:
(in millions of U.S. dollars) | 2019 |  |  | 2018 |  |  | 2017 |
Balance, beginning of year | $ | 295 |  |  | $ | 326 |  |  | $ | 355 |
Acquisition of Banchile Seguros de Vida | 35 |  |  | — |  |  | — |
Amortization of VOBA (1) | (24 | ) |  | (25 | ) |  | (35 | )
Foreign exchange revaluation | — |  |  | (6 | ) |  | 6 |
Balance, end of year | $ | 306 |  |  | $ | 295 |  |  | $ | 326 |
(1) | Recognized in Policy acquisition costs in the Consolidated statements of operations.
The following table presents, as of December 31, 2019, the expected estimated pre-tax amortization expense related to VOBA for the next five years:
For the Year Ending December 31 | VOBA |
(in millions of U.S. dollars)
2020 | $ | 26 |
2021 | 24 |
2022 | 22 |
2023 | 21 |
2024 | 19 |
Total | $ | 112 |

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- Definition The entire disclosure for all or part of the information related to intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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