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v3.23.3

Goodwill and Value of business acquired (Tables) | 9 Months Ended
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Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill roll-forward by business segment | 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.
Schedule of Changes in VOBA | 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.
Schedule of Expected Amortization of VOBA | 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 |
Schedule of Intangible Assets and Goodwill | 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 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | 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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