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Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2018
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, 2016
$
6,961

 
$
2,235

 
$
134

 
$
4,817

 
$
365

 
$
820

 
$
15,332

Foreign exchange revaluation and other
15

 
5

 
—

 
187

 
—

 
2

 
209

Balance at December 31, 2017
$
6,976

 
$
2,240

 
$
134


$
5,004

 
$
365

 
$
822

 
$
15,541

Foreign exchange revaluation and other
(30
)
 
(10
)
 
—

 
(234
)
 
6

 
(2
)
 
(270
)
Balance at December 31, 2018
$
6,946

 
$
2,230

 
$
134

 
$
4,770

 
$
371

 
$
820

 
$
15,271
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]
 
Associated with the Chubb Corp Acquisition
 
 
 
 
 
For the Year Ending December 31 (in millions of U.S. dollars)
Agency distribution relationships and renewal rights

 
Fair value adjustment on Unpaid losses and loss expense (1)

 
Total

 
Other
intangible assets

 
Total Amortization of purchased intangibles

2019
$
280

 
$
(62
)
 
$
218

 
$
80

 
$
298

2020
239

 
(35
)
 
204

 
76

 
280

2021
216

 
(20
)
 
196

 
70

 
266

2022
196

 
(14
)
 
182

 
64

 
246

2023
177

 
(7
)
 
170

 
62

 
232

Total
$
1,108

 
$
(138
)
 
$
970

 
$
352

 
$
1,322


(1) 
In connection with the Chubb Corp acquisition, we recorded an increase to Unpaid losses and loss expenses acquired to adjust the carrying value of Chubb Corp's historical Unpaid losses and loss expenses to fair value as of the acquisition date. This fair value adjustment amortizes through Amortization of purchased intangibles on the Consolidated statements of operations through the year 2032. The balance of the fair value adjustment on Unpaid losses and loss expense was $207 million and $309 million at December 31, 2018 and 2017, respectively. Refer to Note 1(h) for additional information.
VOBA
The following table presents a roll-forward of VOBA:
(in millions of U.S. dollars)
2018

 
2017

 
2016

Balance, beginning of year
$
326

 
$
355

 
$
395

Amortization of VOBA (1)
(25
)
 
(35
)
 
(41
)
Foreign exchange revaluation
(6
)
 
6

 
1

Balance, end of year
$
295

 
$
326

 
$
355

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

The following table presents, as of December 31, 2018, the expected estimated pre-tax amortization expense related to VOBA for the next five years:
For the Year Ending December 31
VOBA

(in millions of U.S. dollars)
2019
$
26

2020
24

2021
22

2022
20

2023
18

Total
$
110