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Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2019
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, 2017
$
6,976

 
$
2,240

 
$
134

 
$
5,004

 
$
365

 
$
822

 
$
15,541

Foreign exchange revaluation and other
(30
)
 
(10
)
 
—

 
(234
)
 
6

 
(2
)
 
(270
)
Balance at December 31, 2018
$
6,946

 
$
2,230

 
$
134


$
4,770

 
$
371

 
$
820

 
$
15,271

Foreign exchange revaluation and other
9

 
4

 
—

 
15

 
—

 
(3
)
 
25

Balance at December 31, 2019
$
6,955

 
$
2,234

 
$
134

 
$
4,785

 
$
371

 
$
817

 
$
15,296
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]
 
Associated with the Chubb Corp Acquisition
 
 
 
 
 
For the Years Ending December 31 (in millions of U.S. dollars)
Agency distribution relationships and renewal rights

 
Fair value adjustment on Unpaid losses and loss expense (1)

 
Total

 
Other
intangible assets

 
Total Amortization of purchased intangibles

2020
$
239

 
$
(35
)
 
$
204

 
$
86

 
$
290

2021
216

 
(20
)
 
196

 
84

 
280

2022
196

 
(14
)
 
182

 
93

 
275

2023
177

 
(7
)
 
170

 
91

 
261

2024
159

 
(5
)
 
154

 
85

 
239

Total
$
987

 
$
(81
)
 
$
906

 
$
439

 
$
1,345


(1) 
In connection with the Chubb Corp acquisition, we recorded an increase to Unpaid losses and loss expenses acquired to adjust the carrying value of Chubb Corp's historical Unpaid losses and loss expenses to fair value as of the acquisition date. This fair value adjustment amortizes through Amortization of purchased intangibles on the Consolidated statements of operations through the year 2032. The balance of the fair value adjustment on Unpaid losses and loss expense was $145 million and $207 million at December 31, 2019 and 2018, respectively. Refer to Note 1(h) for additional information.
VOBA
The following table presents a roll-forward of VOBA:
(in millions of U.S. dollars)
2019

 
2018

 
2017

Balance, beginning of year
$
295

 
$
326

 
$
355

Acquisition of Banchile Seguros de Vida
35

 
—

 
—

Amortization of VOBA (1)
(24
)
 
(25
)
 
(35
)
Foreign exchange revaluation
—

 
(6
)
 
6

Balance, end of year
$
306

 
$
295

 
$
326

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

The following table presents, as of December 31, 2019, the expected estimated pre-tax amortization expense related to VOBA for the next five years:
For the Year Ending December 31
VOBA

(in millions of U.S. dollars)
2020
$
26

2021
24

2022
22

2023
21

2024
19

Total
$
112