Other (income) expense
|
| | | | | | | | | | | |
| Years Ended December 31 | |
(in millions of U.S. dollars) | 2013 |
| | 2012 |
| | 2011 |
|
Amortization of intangible assets | $ | 95 |
| | $ | 51 |
| | $ | 29 |
|
Equity in net (income) loss of partially-owned entities | (119 | ) | | (80 | ) | | (32 | ) |
(Gains) losses from fair value changes in separate account assets | (16 | ) | | (29 | ) | | 36 |
|
Federal excise and capital taxes | 24 |
| | 22 |
| | 20 |
|
Acquisition-related costs | 4 |
| | 11 |
| | 5 |
|
Other | 27 |
| | 19 |
| | 23 |
|
Other (income) expense | $ | 15 |
| | $ | (6 | ) | | $ | 81 |
|
Other (income) expense includes Amortization of intangible assets, which is higher in 2013 due primarily to the acquisitions of Fianzas Monterrey (completed April 1, 2013) and ABA Seguros (completed May 2, 2013). Equity in net (income) loss of partially-owned entities includes our share of net (income) loss related to investment funds, limited partnerships, partially-owned investment companies, and partially-owned insurance companies. Also included in Other (income) expense are (Gains) losses from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP. The offsetting movement in the separate account liabilities is included in Policy benefits in the consolidated statements of operations. Certain federal excise and capital taxes incurred as a result of capital management initiatives are included in Other (income) expense as these are considered capital transactions and are excluded from underwriting results.
