Chubb Ltd
For the period ended Dec 31, 2023. Filed Feb 23, 2024.
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FY2023 · Filed Feb 23, 2024
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Amortization of Purchased Intangibles and Other Amortization
Amortization of purchased intangibles
Amortization expense related to purchased intangibles was $310 million, $285 million, and $287 million for the years ended December 31, 2023, 2022, and 2021, respectively. The amortization of purchased intangibles expense in 2024 is expected to be $312 million, or approximately $78 million each quarter. Refer to Note 7 to the Consolidated Financial Statements, under Item 8, for more information on the expected pre-tax amortization expense of purchased intangibles, at current foreign currency exchange rates, for the next five years.
At December 31, 2023, the deferred tax liability associated with the Other intangible assets (excluding the fair value adjustment on Unpaid losses and loss expenses) was $1,558 million.
The following table presents, as of December 31, 2023, the expected reduction to the deferred tax liability associated with the amortization of Other intangible assets, at current foreign currency exchange rates, for the next five years:
| For the Years Ending December 31(in millions of U.S. dollars) | Reduction to deferred tax liability associated with intangible assets |
|---|---|
| 2024 | $82 |
| 2025 | 73 |
| 2026 | 68 |
| 2027 | 63 |
| 2028 | 60 |
| Total | $346 |
Amortization of the fair value adjustment on assumed long-term debt
The following table presents, as of December 31, 2023, the expected amortization benefit from the fair value adjustment on assumed long-term debt related to the Chubb Corp acquisition for the next five years:
| For the Years Ending December 31(in millions of U.S. dollars) | Amortization benefit of the fair value adjustment on assumed long-term debt (1) |
|---|---|
| 2024 | $21 |
| 2025 | 21 |
| 2026 | 21 |
| 2027 | 21 |
| 2028 | 21 |
| Total | $105 |
(1)Recorded as a reduction to Interest expense in the Consolidated statements of operations.
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