Goodwill, Other intangible assets, and Value of business acquired

12 Months Ended

Dec. 31, 2024

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 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
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	$	6,946	$	2,231	$	134	$	5,262	$	371	$	4,742	$	19,686
Acquisition of Healthy Paws	256		—		—		—		—		—		256
Measurement-period adjustments	—		—		—		—		—		65		65
Foreign exchange revaluation	(34)		(13)		—		(215)		—		(166)		(428)
Balance at December 31, 2024 (1)	$	7,168	$	2,218	$	134	$	5,047	$	371	$	4,641	$	19,579

(1)Includes $499 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)	2024		2023		2022
Balance, beginning of year	$	3,674	$	3,702	$	235
Acquisition of Cigna's business in Asia	—		—		3,633
Consolidation of Huatai Group	—		309		—
Amortization of VOBA (1)	(240)		(281)		(149)
Foreign exchange revaluation and other	(211)		(56)		(17)
Balance, end of year	$	3,223	$	3,674	$	3,702

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

The following table presents, as of December 31, 2024, 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)
2025	$	207
2026	182
2027	165
2028	151
2029	140
Total	$	845

Other intangible assets    

	December 31
(in millions of U.S. dollars)	2024		2023
Subject to amortization (primarily agency distribution relationships and renewal rights)	$	2,900	$	3,267
Not subject to amortization (primarily trademarks)	3,477		3,508
Total	$	6,377	$	6,775

The following table presents, as of December 31, 2024, 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
2025	$	298	$	16	$	12	$	326
2026	279		7		12		298
2027	259		3		12		274
2028	247		—		13		260
2029	215		—		13		228
Total	$	1,298	$	26	$	62	$	1,386

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

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