Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2021

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, 2019	$	6,955	$	2,234	$	134	$	4,785	$	371	$	817	$	15,296
Acquisition of Banchile Seguros de Vida	—		—		—		16		—		28		44
Foreign exchange revaluation and other	17		6		—		35		—		2		60
Balance at December 31, 2020	$	6,972	$	2,240	$	134	$	4,836	$	371	$	847	$	15,400
Foreign exchange revaluation and other	—		—		—		(183)		—		(4)		(187)
Balance at December 31, 2021	$	6,972	$	2,240	$	134	$	4,653	$	371	$	843	$	15,213

Schedule of Finite-Lived Intangible Assets

Other intangible assets    

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.

	December 31
(in millions of U.S. dollars)	2021		2020
Subject to amortization	$	2,508	$	2,846
Not subject to amortization	2,947		2,965
Total	$	5,455	$	5,811

Amortization expense related to purchased intangibles was $287 million, $290 million, and $305 million for the years ended December 31, 2021, 2020, and 2019.

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]

The following table presents, as of December 31, 2021, the expected estimated pre-tax amortization expense (benefit) of purchased intangibles, at current foreign currency exchange rates, for the next five years:

	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
2022	$	196	$	(14)	$	182	$	99	$	281
2023	177		(6)		171		94		265
2024	160		(6)		154		88		242
2025	144		(6)		138		87		225
2026	130		(6)		124		85		209
Total	$	807	$	(38)	$	769	$	453	$	1,222

(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 $90 million and $110 million at December 31, 2021 and 2020, 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)	2021		2020		2019
Balance, beginning of year	$	263	$	306	$	295
Amortization of VOBA (1)	(22)		(27)		(24)
Foreign exchange revaluation and other	(5)		(16)		35
Balance, end of year	$	236	$	263	$	306

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

The following table presents, as of December 31, 2021, the expected estimated pre-tax amortization expense related to VOBA for the next five years at current foreign exchange rates:

For the Years Ending December 31	VOBA
(in millions of U.S. dollars)
2022	$	20
2023	18
2024	17
2025	16
2026	14