Goodwill, Other intangible assets, and Value of business acquired (Tables)

12 Months Ended

Dec. 31, 2023

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, 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 other	1		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.

Schedule of Changes in VOBA

The following table presents a roll-forward of VOBA:

			Year Ended December 31
(in millions of U.S. dollars)	2023		2022		2021
Balance, beginning of year	$	3,702	$	235	$	263
Acquisition of Cigna's business in Asia	—		3,633		—
Consolidation of Huatai Group	309		—		—
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.

Schedule of expected pre-tax amortization related to VOBA for the next five years

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
2025	227
2026	199
2027	180
2028	163
Total	$	1,035

Schedule of Intangible Assets and Goodwill

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)	2023		2022
Subject to amortization	$	3,267	$	2,459
Not subject to amortization	3,508		2,982
Total	$	6,775	$	5,441

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

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
2025	287		16		12		315
2026	269		7		12		288
2027	250		3		12		265
2028	240		—		13		253
Total	$	1,358	$	56	$	61	$	1,475

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

(2)Recognized in Other (income) expense in the Consolidated statements of operations.