ACE Ltd | 2013 | FY | 3


Intangible assets

Included in Goodwill and other intangible assets in the consolidated balance sheets at December 31, 2013 and 2012, are goodwill of $4.6 billion and $4.3 billion, respectively, and other intangible assets of $801 million and $656 million, respectively.

The following table presents a roll-forward of Goodwill by segment:
(in millions of U.S. dollars)
Insurance – North American
P&C

 
Insurance – North American Agriculture

 
Insurance – Overseas General

 
Global Reinsurance

 
Life

 
ACE Consolidated

Balance at December 31, 2011
$
1,216

 
$
134

 
$
1,603

 
$
365

 
$
830

 
$
4,148

Purchase price allocation adjustment

 

 

 

 
4

 
4

Acquisition of JaPro

 

 
123

 

 

 
123

Foreign exchange revaluation and other
3

 

 
38

 

 
3

 
44

Balance at December 31, 2012
$
1,219

 
$
134


$
1,764

 
$
365

 
$
837

 
$
4,319

Acquisition of Fianzas Monterrey

 

 
135

 

 

 
135

Acquisition of ABA Seguros

 

 
283

 

 

 
283

Foreign exchange revaluation and other
(4
)
 

 
(128
)
 

 
(2
)
 
(134
)
Balance at December 31, 2013
$
1,215

 
$
134

 
$
2,054

 
$
365

 
$
835

 
$
4,603



Included in other intangible assets at December 31, 2013 and 2012, are intangible assets subject to amortization of $695 million and $554 million, respectively, and intangible assets not subject to amortization of $106 million and $102 million, respectively. Intangible assets subject to amortization include agency relationships, software, client lists, renewal rights, and trademarks, primarily attributable to the acquisitions of Rain and Hail, Fianzas Monterrey, and ABA Seguros. The majority of the balance of intangible assets not subject to amortization relates to Lloyd's of London (Lloyd's) Syndicate 2488 (Syndicate 2488) capacity. Amortization expense related to other intangible assets amounted to $95 million, $51 million, and $29 million for the years ended December 31, 2013, 2012, and 2011, respectively.

The following table presents a roll-forward of VOBA:
(in millions of U.S. dollars)
2013

 
2012

 
2011

Balance, beginning of year
$
614

 
$
676

 
$
634

Acquisition of New York Life's Korea operations and Hong Kong operations

 

 
151

Amortization expense
(64
)
 
(82
)
 
(108
)
Foreign exchange revaluation
(14
)
 
20

 
(1
)
Balance, end of year
$
536

 
$
614

 
$
676



The following table presents estimated amortization expense related to other intangible assets and VOBA for the next five years:
For the Year Ending December 31
Other intangible assets

 
VOBA

(in millions of U.S. dollars)
 
2014
$
81

 
$
55

2015
62

 
50

2016
55

 
45

2017
52

 
40

2018
49

 
35

Total
$
299

 
$
225


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