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Goodwill, Other intangible assets, and Value of business acquired (Tables) | 12 Months Ended
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Dec. 31, 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, 2021 | $ | 6,972 |  |  | $ | 2,240 |  |  | $ | 134 |  |  | $ | 4,653 |  |  | $ | 371 |  |  | $ | 843 |  |  | $ | 15,213 |
Acquisition of Cigna's business in Asia | — |  |  | — |  |  | — |  |  | 90 |  |  | — |  |  | 1,101 |  |  | 1,191 |
Foreign exchange revaluation and other | (27) |  |  | (10) |  |  | — |  |  | (138) |  |  | — |  |  | (1) |  |  | (176) |
Balance at December 31, 2022 | $ | 6,945 |  |  | $ | 2,230 |  |  | $ | 134 |  |  | $ | 4,605 |  |  | $ | 371 |  |  | $ | 1,943 |  |  | $ | 16,228 |
Purchase price adjustments | — |  |  | — |  |  | — |  |  | 8 |  |  | — |  |  | (10) |  |  | (2) |
Consolidation of Huatai Group | — |  |  | — |  |  | — |  |  | 562 |  |  | — |  |  | 2,832 |  |  | 3,394 |
Foreign exchange revaluation and other | 1 |  |  | 1 |  |  | — |  |  | 87 |  |  | — |  |  | (23) |  |  | 66 |
Balance at December 31, 2023 (1) | $ | 6,946 |  |  | $ | 2,231 |  |  | $ | 134 |  |  | $ | 5,262 |  |  | $ | 371 |  |  | $ | 4,742 |  |  | $ | 19,686 |
(1)At December 31, 2023, Goodwill from Huatai Group includes approximately $759 million attributable to noncontrolling interests.
Schedule of Changes in VOBA | The following table presents a roll-forward of VOBA:
|  |  | Year Ended December 31
(in millions of U.S. dollars) | 2023 |  | 2022 |  | 2021
Balance, beginning of year | $ | 3,702 |  |  | $ | 235 |  |  | $ | 263 |
Acquisition of Cigna's business in Asia | — |  |  | 3,633 |  |  | — |
Consolidation of Huatai Group | 309 |  |  | — |  |  | — |
Amortization of VOBA (1) | (281) |  |  | (149) |  |  | (23) |
Foreign exchange revaluation and other | (56) |  |  | (17) |  |  | (5) |
Balance, end of year | $ | 3,674 |  |  | $ | 3,702 |  |  | $ | 235 |
(1)Recognized in Policy acquisition costs in the Consolidated statements of operations.
Schedule of expected pre-tax amortization related to VOBA for the next five years | The following table presents, as of December 31, 2023, the expected estimated pre-tax amortization expense related to VOBA at current foreign currency exchange rates, for the next five years:
For the Years Ending December 31 |  | Total amortization of VOBA |
(in millions of U.S. dollars) |  |
2024 |  | $ | 266 |  |
2025 |  | 227 |  |
2026 |  | 199 |  |
2027 |  | 180 |  |
2028 |  | 163 |  |
Total |  | $ | 1,035 |  |
Schedule of Intangible Assets and Goodwill | 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. For more information on Other intangible assets related to the consolidation of Huatai, refer to Note 2.
| December 31
(in millions of U.S. dollars) | 2023 |  | 2022
Subject to amortization | $ | 3,267 |  |  | $ | 2,459 |
Not subject to amortization | 3,508 |  |  | 2,982 |
Total | $ | 6,775 |  |  | $ | 5,441 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The following table presents, as of December 31, 2023, 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 |  | Amortization of Huatai UPR intangible asset (1) |  | Amortization of Huatai land use rights (2) |  | Total amortization
2024 |  | $ | 312 |  |  | $ | 30 |  |  | $ | 12 |  |  | $ | 354 |
2025 |  | 287 |  |  | 16 |  |  | 12 |  |  | 315 |
2026 |  | 269 |  |  | 7 |  |  | 12 |  |  | 288 |
2027 |  | 250 |  |  | 3 |  |  | 12 |  |  | 265 |
2028 |  | 240 |  |  | — |  |  | 13 |  |  | 253 |
Total |  | $ | 1,358 |  |  | $ | 56 |  |  | $ | 61 |  |  | $ | 1,475 |
(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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