XML 44 R21.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Goodwill and Other Intangible Assets | 12 Months Ended
--- | ---
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | 12. Goodwill and Other Intangible Assets Goodwill represents the future economic benefits arising from assets acquired in a business combination that are not individually identified and separately recognized. Goodwill is tested for impairment at the reporting unit level, which is defined as a segment or one level below, and the test is performed annually, or more frequently if circumstances indicate an impairment may have occurred. At December 31, 2024, goodwill is reported within North America Commercial, International Commercial and Global Personal segments, and within Other Operations. When a business is transferred from one reporting unit to another, goodwill from the original reporting unit is allocated among reporting units based on the fair value of business transferred, relative to business retained by a reporting unit. The impairment assessment involves an option to first assess qualitative factors to determine whether events or circumstances exist that lead to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the qualitative assessment is not performed, or after assessing the totality of the events or circumstances, we determine it is more likely than not that the fair value of a reporting unit is less than its carrying amount, a quantitative assessment for potential impairment is performed. If the qualitative test is not performed or if the test indicates a potential impairment is present, we estimate the fair value of each reporting unit and compare the estimated fair value with the carrying amount of the reporting unit, including allocated goodwill. The estimate of a reporting unit’s fair value involves management judgment and is based on one or a combination of approaches including discounted expected future cash flows, market-based earnings multiples of the unit’s peer companies, external appraisals or, in the case of reporting units being considered for sale, third-party indications of fair value, if available. We consider one or more of these estimates when determining the fair value of a reporting unit to be used in the impairment test. If the estimated fair value of a reporting unit exceeds its carrying amount, goodwill is not impaired. If the carrying value of a reporting unit exceeds its estimated fair value, goodwill associated with that reporting unit potentially is impaired. The amount of impairment, if any, is measured as the excess of a reporting unit’s carrying amount over its fair value not to exceed the total amount of goodwill allocated to that reporting unit and recognized in income. The following table presents the changes in goodwill:
|  | General Insurance |  |  |  |
(in millions) |  | North America Commercial |  | International Commercial |  | Global Personal |  | Other Operations |  | Total
Balance at January 1, 2023: |  |  |  |  |  |  |  |  |  |
Goodwill - gross |  | $ | 4,654 |  |  | $ | 1,989 |  |  | $ | 499 |  |  | $ | 19 |  |  | $ | 7,161 |
Accumulated impairments |  | (2,216) |  |  | (947) |  |  | (237) |  |  | (10) |  |  | (3,410) |
Net goodwill |  | 2,438 |  |  | 1,042 |  |  | 262 |  |  | 9 |  |  | 3,751 |
Increase (decrease) due to: |  |  |  |  |  |  |  |  |  |
Dispositions* |  | (369) |  |  | — |  |  | — |  |  | — |  |  | (369) |
Other |  | — |  |  | 39 |  |  | 3 |  |  | (2) |  |  | 40 |
Balance at December 31, 2023: |  |  |  |  |  |  |  |  |  |
Goodwill - gross |  | 4,285 |  |  | 2,028 |  |  | 502 |  |  | 17 |  |  | 6,832 |
Accumulated impairments |  | (2,216) |  |  | (947) |  |  | (237) |  |  | (10) |  |  | (3,410) |
Net goodwill |  | 2,069 |  |  | 1,081 |  |  | 265 |  |  | 7 |  |  | 3,422 |
Increase (decrease) due to: |  |  |  |  |  |  |  |  |  |
Dispositions |  | — |  |  | — |  |  | (22) |  |  | — |  |  | (22) |
Other |  | — |  |  | (25) |  |  | (2) |  |  | — |  |  | (27) |
Balance at December 31, 2024: |  |  |  |  |  |  |  |  |  |
Goodwill - gross |  | 4,285 |  |  | 2,003 |  |  | 478 |  |  | 17 |  |  | 6,783 |
Accumulated impairments |  | (2,216) |  |  | (947) |  |  | (237) |  |  | (10) |  |  | (3,410) |
Net goodwill |  | $ | 2,069 |  |  | $ | 1,056 |  |  | $ | 241 |  |  | $ | 7 |  |  | $ | 3,373 |
*Primarily represents amounts related to the sale of Validus Re through the date of disposition. Indefinite lived intangible assets are not subject to amortization. Indefinite lived intangible assets primarily include Lloyd’s syndicate capacity and brand names. Finite lived intangible assets are amortized over their useful lives. Finite lived intangible assets primarily include distribution networks and are recorded net of accumulated amortization. The Company tests indefinite lived intangible assets for impairment on an annual basis or whenever events or circumstances suggest that the carrying value of an intangible asset may exceed the sum of the undiscounted cash flows expected to result from its use and eventual disposition. If this condition exists and the carrying value of an intangible asset exceeds its fair value, the excess is recognized as an impairment and is recorded as a charge against net income (loss). The Other intangible assets and Value of distribution network acquired (VODA) were $370 million and $394 million at December 31, 2024 and 2023, respectively.

X
- References No definition available. + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration