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Value of Business Acquired, Goodwill, and Other Intangible Assets
 9 Months Ended
Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Disclosure [Text Block] Value of business acquired, Goodwill, and Other intangible assets
Value of business acquired
Value of business acquired (VOBA) represents the fair value of the future profits of in-force long duration contracts, and is amortized in relation to the profit emergence of the underlying contracts, in a manner similar to deferred acquisition costs. 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:
Nine months ended
September 30
(in millions of U.S. dollars)2022
Balance, beginning of period$236 
Acquisition of Cigna's business in Asia3,379 
Amortization of VOBA (1)
(107)
Foreign exchange revaluation and other(184)
Balance, end of period$3,324 
(1)Recognized in Policy acquisition costs in the Consolidated statements of operations.

During the three months ended September 30, 2022, amortization of VOBA associated with the acquisition of Cigna’s business in Asia was $93 million pre-tax. The expected pre-tax amortization expense related to VOBA associated with the acquisition of Cigna’s business in Asia for the fourth quarter of 2022 at current exchange rates is approximately $100 million. Amortization of VOBA beyond next quarter will be determined in conjunction with the adoption of long-duration accounting guidance effective January 1, 2023. Refer to Note 1 for more information.
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 InsuranceChubb Consolidated
Balance at December 31, 2021$6,972 $2,240 $134 $4,653 $371 $843 $15,213 
Acquisition of Cigna's business in Asia— — — 103 — 1,237 1,340 
Foreign exchange revaluation and other(11)(4)— (431)— — (446)
Balance at September 30, 2022$6,961 $2,236 $134 $4,325 $371 $2,080 $16,107 

Other intangible assets
Other intangible assets that are subject to amortization principally relate to agency distribution relationships, renewal rights, and patents, and other intangible assets that are not subject to amortization principally relate to trademarks.

(in millions of U.S. dollars)September 30
2022		December 31
2021
Subject to amortization$2,417 $2,508 
Not subject to amortization2,966 2,947 
Total$5,383 $5,455 


The following table presents, as of September 30, 2022, the expected pre-tax amortization expense of purchased intangibles, at current foreign currency exchange rates, for the fourth quarter of 2022 and for the next five years:

For the Years Ending December 31
(in millions of U.S. dollars)
Associated with the Cigna acquisition in Asia (1)
Associated with the Chubb acquisition (2)
Other intangible assets (3)
Total amortization of purchased intangibles
Fourth quarter of 2022$1 $45 $25 $71 
20232 170 96 268 
20244 153 89 246 
20255 137 87 229 
20266 123 84 213 
20279 108 81 198 
Total$27 $736 $462 $1,225 
(1)Recorded in Life Insurance segment.
(2)Recorded in Corporate.
(3)Recorded in applicable segment(s) that acquired the intangible assets.