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Goodwill, Other intangible assets, and Value of business acquired
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Disclosure [Text Block] Goodwill, Value of business acquired, and Other intangible assets
Goodwill
The following table presents a roll-forward of Goodwill by segment:
(in millions of U.S. dollars)North America Commercial P&C InsuranceNorth America Personal P&C InsuranceNorth America Agricultural InsuranceOverseas General InsuranceGlobal ReinsuranceLife 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— — — 90 — 1,101 1,191 
Foreign exchange revaluation and other(27)(10)— (138)— (1)(176)
Balance at December 31, 2022$6,945 $2,230 $134 $4,605 $371 $1,943 $16,228 
Purchase price adjustments
— — — 8 — (10)(2)
Consolidation of Huatai Group
— — — 562 — 2,832 3,394 
Foreign exchange revaluation and other1 1 — 87 — (23)66 
Balance at December 31, 2023 (1)
$6,946 $2,231 $134 $5,262 $371 $4,742 $19,686 
(1)At December 31, 2023, Goodwill from Huatai Group includes approximately $759 million attributable to noncontrolling interests.


Value of business acquired (VOBA)
The following table presents a roll-forward of VOBA:
Year Ended December 31
(in millions of U.S. dollars)202320222021
Balance, beginning of year$3,702 $235 $263 
Acquisition of Cigna's business in Asia— 3,633 — 
Consolidation of Huatai Group309 — — 
Amortization of VOBA (1)
(281)(149)(23)
Foreign exchange revaluation and other(56)(17)(5)
Balance, end of year$3,674 $3,702 $235 
(1)Recognized in Policy acquisition costs in the Consolidated statements of operations.


The following table presents, as of December 31, 2023, the expected estimated pre-tax amortization expense related to VOBA at current foreign currency exchange rates, for the next five years:

For the Years Ending December 31
Total amortization of VOBA
(in millions of U.S. dollars)
2024$266 
2025227 
2026199 
2027180 
2028163 
Total$1,035 
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. For more information on Other intangible assets related to the consolidation of Huatai, refer to Note 2.

December 31
(in millions of U.S. dollars)20232022
Subject to amortization$3,267 $2,459 
Not subject to amortization3,508 2,982 
Total$6,775 $5,441 

Amortization expense related to purchased intangibles was $310 million, $285 million, and $287 million for the years ended December 31, 2023, 2022, and 2021, respectively. The following table presents, as of December 31, 2023, the expected estimated pre-tax amortization expense of purchased intangibles, at current foreign currency exchange rates, for the next five years:

For the Years Ending December 31
(in millions of U.S. dollars)
Total amortization of purchased intangibles
Amortization of Huatai UPR intangible asset (1)
Amortization of Huatai land use rights (2)
Total amortization
2024$312 $30 $12 $354 
2025287 16 12 315 
2026269 7 12 288 
2027250 3 12 265 
2028240 — 13 253 
Total$1,358 $56 $61 $1,475