Chubb Ltd
For the period ended Dec 31, 2025. Filed Feb 27, 2026.
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FY2025 · Filed Feb 27, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Goodwill, Value of business acquired Other intangible assets F-
- 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, 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 | $7,168 | $2,218 | $134 | $5,047 | $371 | $4,641 | $19,579 |
| Acquisition of Liberty Mutual's P&C insurance business in Thailand | — | — | — | 183 | — | — | 183 |
| Foreign exchange revaluation | 23 | 8 | — | 300 | — | 114 | 445 |
| Balance at December 31, 2025 (1) | $7,191 | $2,226 | $134 | $5,530 | $371 | $4,755 | $20,207 |
(1)Includes $464 million attributable to noncontrolling interests.
Value of business acquired (VOBA)
The following table presents a roll-forward of VOBA:
| (in millions of U.S. dollars) | 2025 | 2024 | 2023 |
|---|---|---|---|
| Balance, beginning of year | $3,223 | $3,674 | $3,702 |
| Consolidation of Huatai Group | — | — | 309 |
| Amortization of VOBA (1) | (224) | (240) | (281) |
| Foreign exchange revaluation and other | (24) | (211) | (56) |
| Balance, end of year | $2,975 | $3,223 | $3,674 |
(1)Recognized in Policy acquisition costs in the Consolidated statements of operations.
The following table presents, as of December 31, 2025, 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) | |
| 2026 | $178 |
| 2027 | 159 |
| 2028 | 145 |
| 2029 | 133 |
| 2030 | 121 |
| Total | $736 |
Other intangible assets
| December 31 | ||
|---|---|---|
| (in millions of U.S. dollars) | 2025 | 2024 |
| Subject to amortization (primarily agency distribution relationships and renewal rights) | $2,696 | $2,900 |
| Not subject to amortization (primarily trademarks) | 3,545 | 3,477 |
| Total | $6,241 | $6,377 |
The following table presents, as of December 31, 2025, the expected estimated pre-tax amortization expense of purchased intangibles, at current foreign currency exchange rates, for the next five years:
| (in millions of U.S. dollars) | Total amortization of purchased intangibles | Amortization of UPR intangible asset (1) | Amortization of Huatai land use rights (2) | Total amortization |
|---|---|---|---|---|
| 2026 | $287 | $9 | $13 | $309 |
| 2027 | 268 | 3 | 13 | 284 |
| 2028 | 257 | — | 13 | 270 |
| 2029 | 226 | — | 12 | 238 |
| 2030 | 210 | — | 12 | 222 |
| Total | $1,248 | $12 | $63 | $1,323 |
(1)Recognized in Policy acquisition costs in the Consolidated statements of operations.
(2)Recognized in Other (income) expense in the Consolidated statements of operations.
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