Goodwill and Value of business acquired

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets Disclosure [Text Block]

Goodwill and Value of business acquired

Goodwill

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, 2022	$	6,945	$	2,230	$	134	$	4,605	$	371	$	1,943	$	16,228
Foreign exchange revaluation and other	10		4		—		139		—		(59)		94
Balance at June 30, 2023	$	6,955	$	2,234	$	134	$	4,744	$	371	$	1,884	$	16,322

VOBA

Value of business acquired (VOBA) represents the fair value of the future profits of in-force long duration contracts from businesses acquired, principally Cigna's Asian business, and is amortized in relation to the profit emergence of the underlying contracts. The VOBA calculation is based on many factors including mortality, morbidity, persistency, investment yields, expenses, and the discount rate, with the discount rate being the most significant factor.

The following table presents a roll-forward of VOBA:

	Six Months Ended
	June 30
(in millions of U.S. dollars)	2023
Balance, beginning of period	$	3,702
Amortization of VOBA (1)	(162)
Foreign exchange revaluation and other	35
Balance, end of period	$	3,575

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