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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Effective Income Tax Rate
Our effective tax rate (ETR) was 5.4 percent, 19.1 percent, and 13.0 percent in 2023, 2022, and 2021, respectively. Our ETR reflects a mix of income or losses in jurisdictions with a wide range of tax rates, permanent differences between U.S. GAAP and local tax laws, and the impact of discrete items. A change in the geographic mix of earnings could impact our ETR. The decrease in the ETR from 2022 to 2023 was primarily due to a one-time deferred tax benefit of $1.14 billion related to the enactment of Bermuda’s new income tax law, and our mix of earnings among various jurisdictions, partially offset by discrete tax items.
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