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Goodwill and Value of business acquired | 9 Months Ended
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Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets Disclosure [Text Block] | Goodwill, Value of business acquired, and Other intangible assets 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 |
Consolidation of Huatai Group (1) | — |  |  | — |  |  | — |  |  | 562 |  |  | — |  |  | 2,832 |  |  | 3,394 |
Foreign exchange revaluation and other | — |  |  | — |  |  | — |  |  | 44 |  |  | — |  |  | (112) |  |  | (68) |
Balance at September 30, 2023 | $ | 6,945 |  |  | $ | 2,230 |  |  | $ | 134 |  |  | $ | 5,211 |  |  | $ | 371 |  |  | $ | 4,663 |  |  | $ | 19,554 |
(1)Includes $1.0 billion attributable to noncontrolling interests. Value of business acquired Value of business acquired (VOBA) represents the fair value of the future profits of in-force long duration contracts from businesses acquired, principally Cigna's Asian business, and is amortized in relation to the profit emergence of the underlying contracts. 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:
| Nine Months Ended
| September 30 |  |
(in millions of U.S. dollars) | 2023 |  |
Balance, beginning of period | $ | 3,702 |  |  |
Consolidation of Huatai Group | 309 |  |  |
Amortization of VOBA (1) | (235) |  |  |
Foreign exchange revaluation and other | (101) |  |  |
Balance, end of period | $ | 3,675 |  |  |
(1)Recognized in Policy acquisition costs in the Consolidated statements of operations. The following table presents, as of September 30, 2023, the expected estimated pre-tax amortization expense related to VOBA at current foreign currency rates, for the fourth quarter of 2023 and for the next five years:
For the Years Ending December 31 (in millions of U.S. dollars) | Total amortization of VOBA
Fourth quarter of 2023 | $ | 67 |
2024 | 270 |
2025 | 230 |
2026 | 202 |
2027 | 181 |
2028 | 165
Total | $ | 1,115 |
Other intangible assets Other intangible assets that are subject to amortization principally relate to agency distribution relationships, renewal rights, and patents. Other intangible assets that are not subject to amortization principally relate to trademarks. For other intangible assets related to the consolidation of Huatai, refer to Note 2.
(in millions of U.S. dollars) |  | September 30 2023 |  | December 31 2022
Subject to amortization |  | $ | 3,350 |  |  | $ | 2,459 |
Not subject to amortization |  | 3,494 |  |  | 2,982 |
Total |  | $ | 6,844 |  |  | $ | 5,441 |
The following table presents, as of September 30, 2023, the expected pre-tax amortization expense of purchased intangibles, at current foreign currency exchange rates, for the fourth quarter of 2023 and for the next five years:
For the Years Ending December 31 (in millions of U.S. dollars) |  |  |  |  |  |  |  |  | Total amortization of purchased intangibles |  | Amortization of Huatai UPR intangible asset (1) |  | Amortization of Huatai land use rights (2) |  | Total amortization
Fourth quarter of 2023 |  |  |  |  |  |  |  |  | $ | 84 |  |  | $ | 16 |  |  | $ | 3 |  |  | $ | 103 |
2024 |  |  |  |  |  |  |  |  | 312 |  |  | 30 |  |  | 12 |  |  | 354 |
2025 |  |  |  |  |  |  |  |  | 286 |  |  | 16 |  |  | 12 |  |  | 314 |
2026 |  |  |  |  |  |  |  |  | 269 |  |  | 7 |  |  | 12 |  |  | 288 |
2027 |  |  |  |  |  |  |  |  | 249 |  |  | 3 |  |  | 13 |  |  | 265 |
2028 |  |  |  |  |  |  |  |  | 240 |  |  | — |  |  | 13 |  |  | 253 |
Total |  |  |  |  |  |  |  |  | $ | 1,440 |  |  | $ | 72 |  |  | $ | 65 |  |  | $ | 1,577 |
(1)Recognized in Policy acquisition costs in the Consolidated statements of operations. (2)Recognized in Other (income) expense in the Consolidated statements of operations.

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