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Goodwill, Other intangible assets, and Value of business acquired | 12 Months Ended
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Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets Disclosure [Text Block] | Goodwill, Other intangible assets, and Value of business acquired 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, 2020 | $ | 6,972 |  |  | $ | 2,240 |  |  | $ | 134 |  |  | $ | 4,836 |  |  | $ | 371 |  |  | $ | 847 |  |  | $ | 15,400 |
Foreign exchange revaluation and other | — |  |  | — |  |  | — |  |  | (183) |  |  | — |  |  | (4) |  |  | (187) |
Balance at December 31, 2021 | $ | 6,972 |  |  | $ | 2,240 |  |  | $ | 134 |  |  | $ | 4,653 |  |  | $ | 371 |  |  | $ | 843 |  |  | $ | 15,213 |
Acquisition of Cigna's business in Asia | — |  |  | — |  |  | — |  |  | 90 |  |  | — |  |  | 1,160 |  |  | 1,250 |
Foreign exchange revaluation and other | (27) |  |  | (10) |  |  | — |  |  | (138) |  |  | — |  |  | (1) |  |  | (176) |
Balance at December 31, 2022 | $ | 6,945 |  |  | $ | 2,230 |  |  | $ | 134 |  |  | $ | 4,605 |  |  | $ | 371 |  |  | $ | 2,002 |  |  | $ | 16,287 |
Other intangible assets Other intangible assets that are subject to amortization principally relate to agency distribution relationships and renewal rights and other intangible assets that are not subject to amortization principally relate to trademarks.
| December 31
(in millions of U.S. dollars) | 2022 |  | 2021
Subject to amortization | $ | 2,459 |  |  | $ | 2,508 |
Not subject to amortization | 2,982 |  |  | 2,947 |
Total | $ | 5,441 |  |  | $ | 5,455 |
Amortization expense related to purchased intangibles was $285 million, $287 million, and $290 million for the years ended December 31, 2022, 2021, and 2020, respectively. The following table presents, as of December 31, 2022, the expected estimated pre-tax amortization expense of purchased intangibles, at current foreign currency exchange rates, for the next five years:
|  | For the Years Ending December 31
(in millions of U.S. dollars) |  | Total Amortization of purchased intangibles
2023 |  | $ | 281 |
2024 |  | 260 |
2025 |  | 242 |
2026 |  | 220 |
2027 |  | 205 |
Total |  | $ | 1,208 |
VOBA Value of business acquired (VOBA) represents the fair value of the future profits of in-force long duration contracts, and is amortized in relation to the profit emergence of the underlying contracts, in a manner similar to deferred acquisition costs. The VOBA calculation is based on many factors including mortality, morbidity, persistency, investment yields, expenses, and the discount rate, with the discount rate being the most significant factor. The following table presents a roll-forward of VOBA:
|  |  | Year Ended December 31
(in millions of U.S. dollars) | 2022 |  | 2021 |  | 2020
Balance, beginning of year | $ | 236 |  |  | $ | 263 |  |  | $ | 306 |
Acquisition of Cigna's business in Asia | 3,503 |  |  | — |  |  | — |
Amortization of VOBA (1) | (164) |  |  | (22) |  |  | (27) |
Foreign exchange revaluation and other | 21 |  |  | (5) |  |  | (16) |
Balance, end of year | $ | 3,596 |  |  | $ | 236 |  |  | $ | 263 |
(1)Recognized in Policy acquisition costs in the Consolidated statements of operations. For the year ended December 31, 2022, amortization of VOBA associated with the acquisition of Cigna's business in Asia was $145 million pre-tax. The following table presents, as of December 31, 2022, the expected estimated pre-tax amortization expense related to VOBA for the next five years at current foreign currency exchange rates:
For the Years Ending December 31 | VOBA
(in millions of U.S. dollars)
2023 | $ | 333 |
2024 | 299 |
2025 | 270 |
2026 | 243 |
2027 | 219 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI https://asc.fasb.org/topic&trid=2144416 + Details
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