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Goodwill, Other intangible assets, and Value of business acquired

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets Disclosure [Text Block]

Goodwill 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, 2022	$	6,945	$	2,230	$	134	$	4,605	$	371	$	1,943	$	16,228

Foreign exchange revaluation and other	(9)		(3)		—		(3)		—		(38)		(53)
Balance at March 31, 2023	$	6,936	$	2,227	$	134	$	4,602	$	371	$	1,905	$	16,175

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:


	Three Months Ended
	March 31
(in millions of U.S. dollars)	2023
Balance, beginning of period	$	3,702

Amortization of VOBA (1)	(83)
Foreign exchange revaluation and other	(16)
Balance, end of period	$	3,603

(1)Recognized in Policy acquisition costs in the Consolidated statements of operations.

During the three months ended March 31, 2023, amortization of VOBA associated with the acquisition of Cigna’s business in Asia was $78 million pre-tax.