Value of Business Acquired, Goodwill, and Other Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

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)	2022
Balance, beginning of period	$	236
Acquisition of Cigna's business in Asia	3,379
Amortization of VOBA (1)	(107)
Foreign exchange revaluation and other	(184)
Balance, end of period	$	3,324

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

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	—		—		—		103		—		1,237		1,340
Foreign exchange revaluation and other	(11)		(4)		—		(431)		—		—		(446)
Balance at September 30, 2022	$	6,961	$	2,236	$	134	$	4,325	$	371	$	2,080	$	16,107

Schedule of Intangible Assets and Goodwill

Other intangible assets that are subject to amortization principally relate to agency distribution relationships, renewal rights, and patents, and other intangible assets that are not subject to amortization principally relate to trademarks.

(in millions of U.S. dollars)	September 30 2022		December 31 2021
Subject to amortization	$	2,417	$	2,508
Not subject to amortization	2,966		2,947
Total	$	5,383	$	5,455

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

The following table presents, as of September 30, 2022, the expected pre-tax amortization expense of purchased intangibles, at current foreign currency exchange rates, for the fourth quarter of 2022 and for the next five years:

For the Years Ending December 31 (in millions of U.S. dollars)	Associated with the Cigna acquisition in Asia (1)		Associated with the Chubb acquisition (2)		Other intangible assets (3)		Total amortization of purchased intangibles
Fourth quarter of 2022	$	1	$	45	$	25	$	71
2023	2		170		96		268
2024	4		153		89		246
2025	5		137		87		229
2026	6		123		84		213
2027	9		108		81		198
Total	$	27	$	736	$	462	$	1,225

(1)Recorded in Life Insurance segment.

(2)Recorded in Corporate.

(3)Recorded in applicable segment(s) that acquired the intangible assets.