Chubb Ltd
For the period ended Jun 30, 2024. Filed Jul 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.
Jun 30, 2024 · Filed Jul 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 $160 million for the three and six months ended June 30, 2024, respectively, compared with $70 million and $142 million for the prior year periods, respectively.
At June 30, 2024, the deferred tax liability associated with the Other intangible assets (excluding the fair value adjustment on Unpaid losses and loss expenses) was $1,524 million.
The following table presents, as of June 30, 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 third 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 |
|---|---|
| Third quarter of 2024 | $21 |
| Fourth quarter of 2024 | 21 |
| 2025 | 75 |
| 2026 | 70 |
| 2027 | 65 |
| 2028 | 62 |
| 2029 | 53 |
| Total | $367 |
Amortization of the fair value adjustment on assumed long-term debt
The following table presents, as of June 30, 2024, the expected amortization benefit from the fair value adjustment on assumed long-term debt related to the Chubb Corp acquisition for the third 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) |
|---|---|
| Third quarter of 2024 | $5 |
| Fourth quarter of 2024 | 6 |
| 2025 | 21 |
| 2026 | 21 |
| 2027 | 21 |
| 2028 | 21 |
| 2029 | 21 |
| Total | $116 |
(1)Recorded as a reduction to Interest expense in the Consolidated statements of operations.
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