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Segment Information (Tables)
 6 Months Ended
Jun. 30, 2014
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]  
Segment reporting table
Segment Information
For the three months ended June 30, 2014
 
North
America
 
Global
(Non-U.S.)
P&C
 
Global
Specialty
 
Catastrophe
 
Total
Non-life
segment
 
Life
and Health
segment
 
Corporate
and Other
 
Total
Gross premiums written
$
400

 
$
155

 
$
438

 
$
143

 
$
1,136

 
$
326

 
$
—

 
$
1,462

Net premiums written
$
392

 
$
148

 
$
432

 
$
136

 
$
1,108

 
$
311

 
$
—

 
$
1,419

(Increase) decrease in unearned premiums
(2
)
 
39

 
(26
)
 
(77
)
 
(66
)
 
—

 
—

 
(66
)
Net premiums earned
$
390

 
$
187

 
$
406

 
$
59

 
$
1,042

 
$
311

 
$
—

 
$
1,353

Losses and loss expenses and life policy benefits
(240
)
 
(103
)
 
(270
)
 
(19
)
 
(632
)
 
(252
)
 
—

 
(884
)
Acquisition costs
(102
)
 
(52
)
 
(98
)
 
(8
)
 
(260
)
 
(43
)
 
—

 
(303
)
Technical result
$
48

 
$
32

 
$
38

 
$
32

 
$
150

 
$
16

 
$
—

 
$
166

Other income
 
 
 
 
 
 
 
 
1

 
3

 
5

 
9

Other operating expenses
 
 
 
 
 
 
 
 
(61
)
 
(16
)
 
(30
)
 
(107
)
Underwriting result
 
 
 
 
 
 
 
 
$
90

 
$
3

 
n/a

 
$
68

Net investment income
 
 
 
 
 
 
 
 
 
 
15

 
115

 
130

Allocated underwriting result (1)
 
 
 
 
 
 
 
 
 
 
$
18

 
n/a

 
n/a

Net realized and unrealized investment gains
 
 
 
 
 
 
 
 
 
 
 
 
166

 
166

Interest expense
 
 
 
 
 
 
 
 
 
 
 
 
(12
)
 
(12
)
Amortization of intangible assets
 
 
 
 
 
 
 
 
 
 
 
 
(7
)
 
(7
)
Net foreign exchange gains
 
 
 
 
 
 
 
 
 
 
 
 
2

 
2

Income tax expense
 
 
 
 
 
 
 
 
 
 
 
 
(78
)
 
(78
)
Interest in earnings of equity method investments
 
 
 
 
 
 
 
 
 
 
 
 
5

 
5

Net income
 
 
 
 
 
 
 
 
 
 
 
 
n/a

 
$
274

Loss ratio (2)
61.5
%
 
54.6
%
 
66.5
%
 
33.4
%
 
60.6
%
 
 
 
 
 
 
Acquisition ratio (3)
26.1

 
27.9

 
24.2

 
13.0

 
25.0

 
 
 
 
 
 
Technical ratio (4)
87.6
%
 
82.5
%
 
90.7
%
 
46.4
%
 
85.6
%
 
 
 
 
 
 
Other operating expense ratio (5)
 
 
 
 
 
 
 
 
5.9

 
 
 
 
 
 
Combined ratio (6)
 
 
 
 
 
 
 
 
91.5
%
 
 
 
 
 
 
 
 
(1)
Allocated underwriting result is defined as net premiums earned, other income or loss and allocated net investment income less life policy benefits, acquisition costs and other operating expenses.
(2)
Loss ratio is obtained by dividing losses and loss expenses by net premiums earned.
(3)
Acquisition ratio is obtained by dividing acquisition costs by net premiums earned.
(4)
Technical ratio is defined as the sum of the loss ratio and the acquisition ratio.
(5)
Other operating expense ratio is obtained by dividing other operating expenses by net premiums earned.
(6)
Combined ratio is defined as the sum of the technical ratio and the other operating expense ratio.
Segment Information
For the three months ended June 30, 2013
 
North
America
 
Global
(Non-U.S.)
P&C
 
Global
Specialty
 
Catastrophe
 
Total
Non-life
segment
 
Life
and Health
segment
 
Corporate
and Other
 
Total
Gross premiums written
$
372

 
$
160

 
$
413

 
$
161

 
$
1,106

 
$
233

 
$
2

 
$
1,341

Net premiums written
$
360

 
$
158

 
$
409

 
$
149

 
$
1,076

 
$
232

 
$
1

 
$
1,309

(Increase) decrease in unearned premiums
(3
)
 
11

 
(37
)
 
(70
)
 
(99
)
 
—

 
(1
)
 
(100
)
Net premiums earned
$
357

 
$
169

 
$
372

 
$
79

 
$
977

 
$
232

 
$
—

 
$
1,209

Losses and loss expenses and life policy benefits
(245
)
 
(106
)
 
(284
)
 
(51
)
 
(686
)
 
(181
)
 
—

 
(867
)
Acquisition costs
(79
)
 
(34
)
 
(90
)
 
(6
)
 
(209
)
 
(33
)
 
—

 
(242
)
Technical result
$
33

 
$
29

 
$
(2
)
 
$
22

 
$
82

 
$
18

 
$
—

 
$
100

Other income
 
 
 
 
 
 
 
 
—

 
3

 
1

 
4

Other operating expenses
 
 
 
 
 
 
 
 
(60
)
 
(17
)
 
(68
)
 
(145
)
Underwriting result
 
 
 
 
 
 
 
 
$
22

 
$
4

 
n/a

 
$
(41
)
Net investment income
 
 
 
 
 
 
 
 
 
 
15

 
110

 
125

Allocated underwriting result
 
 
 
 
 
 
 
 
 
 
$
19

 
n/a

 
n/a

Net realized and unrealized investment losses
 
 
 
 
 
 
 
 
 
 
 
 
(299
)
 
(299
)
Interest expense
 
 
 
 
 
 
 
 
 
 
 
 
(12
)
 
(12
)
Amortization of intangible assets
 
 
 
 
 
 
 
 
 
 
 
 
(7
)
 
(7
)
Net foreign exchange losses
 
 
 
 
 
 
 
 
 
 
 
 
(11
)
 
(11
)
Income tax benefit
 
 
 
 
 
 
 
 
 
 
 
 
75

 
75

Interest in losses of equity method investments
 
 
 
 
 
 
 
 
 
 
 
 
(4
)
 
(4
)
Net loss
 
 
 
 
 
 
 
 
 
 
 
 
n/a

 
$
(174
)
Loss ratio
68.6
%
 
62.9
%
 
76.6
%
 
64.1
%
 
70.3
%
 
 
 
 
 
 
Acquisition ratio
22.1

 
19.9

 
24.1

 
8.5

 
21.4

 
 
 
 
 
 
Technical ratio
90.7
%
 
82.8
%
 
100.7
%
 
72.6
%
 
91.7
%
 
 
 
 
 
 
Other operating expense ratio
 
 
 
 
 
 
 
 
6.1

 
 
 
 
 
 
Combined ratio
 
 
 
 
 
 
 
 
97.8
%
 
 
 
 
 
 

Segment Information
For the six months ended June 30, 2014
 
North
America
 
Global
(Non-U.S.)
P&C
 
Global
Specialty
 
Catastrophe
 
Total
Non-life
segment
 
Life
and Health
segment
 
Corporate
and Other
 
Total
Gross premiums written
$
930

 
$
519

 
$
917

 
$
353

 
$
2,719

 
$
615

 
$
—

 
$
3,334

Net premiums written
$
919

 
$
508

 
$
822

 
$
315

 
$
2,564

 
$
593

 
$
—

 
$
3,157

Increase in unearned premiums
(151
)
 
(141
)
 
(61
)
 
(177
)
 
(530
)
 
(20
)
 
—

 
(550
)
Net premiums earned
$
768

 
$
367

 
$
761

 
$
138

 
$
2,034

 
$
573

 
$
—

 
$
2,607

Losses and loss expenses and life policy benefits
(499
)
 
(196
)
 
(471
)
 
1

 
(1,165
)
 
(468
)
 
—

 
(1,633
)
Acquisition costs
(194
)
 
(107
)
 
(178
)
 
(15
)
 
(494
)
 
(73
)
 
—

 
(567
)
Technical result
$
75

 
$
64

 
$
112

 
$
124

 
$
375

 
$
32

 
$
—

 
$
407

Other income
 
 
 
 
 
 
 
 
2

 
4

 
4

 
10

Other operating expenses
 
 
 
 
 
 
 
 
(126
)
 
(34
)
 
(59
)
 
(219
)
Underwriting result
 
 
 
 
 
 
 
 
$
251

 
$
2

 
n/a

 
$
198

Net investment income
 
 
 
 
 
 
 
 
 
 
30

 
217

 
247

Allocated underwriting result
 
 
 
 
 
 
 
 
 
 
$
32

 
n/a

 
n/a

Net realized and unrealized investment gains
 
 
 
 
 
 
 
 
 
 
 
 
308

 
308

Interest expense
 
 
 
 
 
 
 
 
 
 
 
 
(25
)
 
(25
)
Amortization of intangible assets
 
 
 
 
 
 
 
 
 
 
 
 
(14
)
 
(14
)
Net foreign exchange gains
 
 
 
 
 
 
 
 
 
 
 
 
3

 
3

Income tax expense
 
 
 
 
 
 
 
 
 
 
 
 
(141
)
 
(141
)
Interest in earnings of equity method investments
 
 
 
 
 
 
 
 
 
 
 
 
11

 
11

Net income
 
 
 
 
 
 
 
 
 
 
 
 
n/a

 
$
587

Loss ratio
65.0
%
 
53.5
%
 
61.9
%
 
(0.9
)%
 
57.3
%
 
 
 
 
 
 
Acquisition ratio
25.2

 
29.0

 
23.4

 
11.4

 
24.3

 
 
 
 
 
 
Technical ratio
90.2
%
 
82.5
%
 
85.3
%
 
10.5
 %
 
81.6
%
 
 
 
 
 
 
Other operating expense ratio
 
 
 
 
 
 
 
 
6.2

 
 
 
 
 
 
Combined ratio
 
 
 
 
 
 
 
 
87.8
%
 
 
 
 
 
 
Segment Information
For the six months ended June 30, 2013
 
North
America
 
Global
(Non-U.S.)
P&C
 
Global
Specialty
 
Catastrophe
 
Total
Non-life
segment
 
Life
and Health
segment
 
Corporate
and Other
 
Total
Gross premiums written
$
819

 
$
532

 
$
857

 
$
399

 
$
2,607

 
$
486

 
$
4

 
$
3,097

Net premiums written
$
807

 
$
525

 
$
771

 
$
360

 
$
2,463

 
$
481

 
$
2

 
$
2,946

Increase in unearned premiums
(117
)
 
(190
)
 
(62
)
 
(195
)
 
(564
)
 
(25
)
 
(2
)
 
(591
)
Net premiums earned
$
690

 
$
335

 
$
709

 
$
165

 
$
1,899

 
$
456

 
$
—

 
$
2,355

Losses and loss expenses and life policy benefits
(485
)
 
(173
)
 
(469
)
 
(39
)
 
(1,166
)
 
(363
)
 
1

 
(1,528
)
Acquisition costs
(151
)
 
(84
)
 
(165
)
 
(17
)
 
(417
)
 
(59
)
 
—

 
(476
)
Technical result
$
54

 
$
78

 
$
75

 
$
109

 
$
316

 
$
34

 
$
1

 
$
351

Other income
 
 
 
 
 
 
 
 
—

 
6

 
2

 
8

Other operating expenses
 
 
 
 
 
 
 
 
(126
)
 
(35
)
 
(100
)
 
(261
)
Underwriting result
 
 
 
 
 
 
 
 
$
190

 
$
5

 
n/a

 
$
98

Net investment income
 
 
 
 
 
 
 
 
 
 
30

 
218

 
248

Allocated underwriting result
 
 
 
 
 
 
 
 
 
 
$
35

 
n/a

 
n/a

Net realized and unrealized investment losses
 
 
 
 
 
 
 
 
 
 
 
 
(276
)
 
(276
)
Interest expense
 
 
 
 
 
 
 
 
 
 
 
 
(24
)
 
(24
)
Amortization of intangible assets
 
 
 
 
 
 
 
 
 
 
 
 
(14
)
 
(14
)
Net foreign exchange losses
 
 
 
 
 
 
 
 
 
 
 
 
(9
)
 
(9
)
Income tax benefit
 
 
 
 
 
 
 
 
 
 
 
 
33

 
33

Interest in earnings of equity method investments
 
 
 
 
 
 
 
 
 
 
 
 
4

 
4

Net income
 
 
 
 
 
 
 
 
 
 
 
 
n/a

 
$
60

Loss ratio
70.2
%
 
51.8
%
 
66.1
%
 
23.8
%
 
61.4
%
 
 
 
 
 
 
Acquisition ratio
21.9

 
24.9

 
23.3

 
10.5

 
22.0

 
 
 
 
 
 
Technical ratio
92.1
%
 
76.7
%
 
89.4
%
 
34.3
%
 
83.4
%
 
 
 
 
 
 
Other operating expense ratio
 
 
 
 
 
 
 
 
6.6

 
 
 
 
 
 
Combined ratio
 
 
 
 
 
 
 
 
90.0
%