Chubb Ltd
For the period ended Mar 31, 2024. Filed Apr 26, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed Apr 26, 2024
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Amortization of Purchased Intangibles and Other Amortization
Amortization of purchased intangibles
Amortization expense related to purchased intangibles was $80 million and $72 million for the three months ended March 31, 2024 and 2023, respectively.
At March 31, 2024, the deferred tax liability associated with the Other intangible assets (excluding the fair value adjustment on Unpaid losses and loss expenses) was $1,547 million.
The following table presents, as of March 31, 2024, the expected reduction to the deferred tax liability associated with the amortization of Other intangible assets, at current foreign currency exchange rates, for the second through fourth quarters of 2024 and 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 |
|---|---|
| Second quarter of 2024 | $21 |
| Third quarter of 2024 | 20 |
| Fourth quarter of 2024 | 20 |
| 2025 | 75 |
| 2026 | 69 |
| 2027 | 64 |
| 2028 | 61 |
| 2029 | 54 |
| Total | $384 |
Amortization of the fair value adjustment on assumed long-term debt
The following table presents, as of March 31, 2024, the expected amortization benefit from the fair value adjustment on assumed long-term debt related to the Chubb Corp acquisition for the second through fourth quarters of 2024 and 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) |
|---|---|
| Second quarter of 2024 | $5 |
| Third quarter of 2024 | 5 |
| Fourth quarter of 2024 | 6 |
| 2025 | 21 |
| 2026 | 21 |
| 2027 | 21 |
| 2028 | 21 |
| 2029 | 21 |
| Total | $121 |
(1)Recorded as a reduction to Interest expense in the Consolidated statements of operations.
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