Chubb Ltd Goodwill & Intangibles Disclosure
| (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 | |||||||||||||||||||||||||||
| Year Ended December 31 | |||||||||||||||||
| (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 | |||||||||||
| 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 | ||||||
| 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 | |||||||
| For the Years Ending December 31 | ||||||||||||||||||||||||||
| (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 | ||||||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 27, 2026 | Showing above |
| 2023 | Feb 23, 2024 | |
| 2022 | Feb 24, 2023 | |
| 2021 | Feb 24, 2022 | |
| 2020 | Feb 25, 2021 | |
| 2019 | Feb 27, 2020 | |
| 2018 | Feb 28, 2019 | |
| 2017 | Feb 23, 2018 | |
| 2016 | Feb 28, 2017 | |
| 2015 | Feb 26, 2016 | |
About Goodwill & Intangibles Disclosures
Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.
Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.