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Segment Information (Tables)
 6 Months Ended
Jun. 30, 2015
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]  
Segment reporting table
The segment results for the three months and six months ended June 30, 2015 and 2014, were as follows (in millions of U.S. dollars, except ratios):

Segment Information
For the three months ended June 30, 2015
 
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
$
427

 
$
143

 
$
406

 
$
122

 
$
1,098

 
$
334

 
$
—

 
$
1,432

Net premiums written
$
401

 
$
137

 
$
400

 
$
71

 
$
1,009

 
$
313

 
$
—

 
$
1,322

Decrease (increase) in unearned premiums
34

 
22

 
(26
)
 
(27
)
 
3

 
3

 
—

 
6

Net premiums earned
$
435

 
$
159

 
$
374

 
$
44

 
$
1,012

 
$
316

 
$
—

 
$
1,328

Losses and loss expenses and life policy benefits
(296
)
 
(121
)
 
(198
)
 
10

 
(605
)
 
(260
)
 
—

 
(865
)
Acquisition costs
(111
)
 
(36
)
 
(102
)
 
(4
)
 
(253
)
 
(30
)
 
—

 
(283
)
Technical result
$
28

 
$
2

 
$
74

 
$
50

 
$
154

 
$
26

 
$
—

 
$
180

Other income
 
 
 
 
 
 
 
 
—

 
—

 
—

 
—

Other expenses
 
 
 
 
 
 
 
 
(55
)
 
(16
)
 
(59
)
 
(130
)
Underwriting result
 
 
 
 
 
 
 
 
$
99

 
$
10

 
n/a

 
$
50

Net investment income
 
 
 
 
 
 
 
 
 
 
16

 
104

 
120

Allocated underwriting result (1)
 
 
 
 
 
 
 
 
 
 
$
26

 
n/a

 
n/a

Net realized and unrealized investment losses
 
 
 
 
 
 
 
 
 
 
 
 
(256
)
 
(256
)
Interest expense
 
 
 
 
 
 
 
 
 
 
 
 
(12
)
 
(12
)
Amortization of intangible assets
 
 
 
 
 
 
 
 
 
 
 
 
(7
)
 
(7
)
Net foreign exchange losses
 
 
 
 
 
 
 
 
 
 
 
 
(6
)
 
(6
)
Income tax benefit
 
 
 
 
 
 
 
 
 
 
 
 
14

 
14

Interest in earnings of equity method investments
 
 
 
 
 
 
 
 
 
 
 
 
8

 
8

Net loss
 
 
 
 
 
 
 
 
 
 
 
 
n/a

 
$
(89
)
Loss ratio (2)
68.1
%
 
75.9
%
 
53.0
%
 
(21.5
)%
 
59.8
%
 
 
 
 
 
 
Acquisition ratio (3)
25.4

 
23.2

 
27.2

 
8.2

 
25.0

 
 
 
 
 
 
Technical ratio (4)
93.5
%
 
99.1
%
 
80.2
%
 
(13.3
)%
 
84.8
%
 
 
 
 
 
 
Other expense ratio (5)
 
 
 
 
 
 
 
 
5.5

 
 
 
 
 
 
Combined ratio (6)
 
 
 
 
 
 
 
 
90.3
%
 
 
 
 
 
 
 
 
(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 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 expense ratio is obtained by dividing other expenses by net premiums earned.
(6)
Combined ratio is defined as the sum of the technical ratio and the other expense ratio.
n/a Not applicable
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 expenses
 
 
 
 
 
 
 
 
(61
)
 
(16
)
 
(30
)
 
(107
)
Underwriting result
 
 
 
 
 
 
 
 
$
90

 
$
3

 
n/a

 
$
68

Net investment income
 
 
 
 
 
 
 
 
 
 
15

 
115

 
130

Allocated underwriting result
 
 
 
 
 
 
 
 
 
 
$
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
61.5
%
 
54.6
%
 
66.5
%
 
33.4
%
 
60.6
%
 
 
 
 
 
 
Acquisition ratio
26.1

 
27.9

 
24.2

 
13.0

 
25.0

 
 
 
 
 
 
Technical ratio
87.6
%
 
82.5
%
 
90.7
%
 
46.4
%
 
85.6
%
 
 
 
 
 
 
Other expense ratio
 
 
 
 
 
 
 
 
5.9

 
 
 
 
 
 
Combined ratio
 
 
 
 
 
 
 
 
91.5
%
 
 
 
 
 
 
Segment Information
For the six months ended June 30, 2015
 
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
$
900

 
$
477

 
$
833

 
$
312

 
$
2,522

 
$
659

 
$
—

 
$
3,181

Net premiums written
$
872

 
$
468

 
$
762

 
$
247

 
$
2,349

 
$
626

 
$
—

 
$
2,975

Increase in unearned premiums
(98
)
 
(135
)
 
(23
)
 
(145
)
 
(401
)
 
(12
)
 
—

 
(413
)
Net premiums earned
$
774

 
$
333

 
$
739

 
$
102

 
$
1,948

 
$
614

 
$
—

 
$
2,562

Losses and loss expenses and life policy benefits
(468
)
 
(240
)
 
(369
)
 
(10
)
 
(1,087
)
 
(499
)
 
—

 
(1,586
)
Acquisition costs
(204
)
 
(89
)
 
(194
)
 
(8
)
 
(495
)
 
(64
)
 
—

 
(559
)
Technical result
$
102

 
$
4

 
$
176

 
$
84

 
$
366

 
$
51

 
$
—

 
$
417

Other income
 
 
 
 
 
 
 
 
—

 
1

 
3

 
4

Other expenses
 
 
 
 
 
 
 
 
(107
)
 
(31
)
 
(116
)
 
(254
)
Underwriting result
 
 
 
 
 
 
 
 
$
259

 
$
21

 
n/a

 
$
167

Net investment income
 
 
 
 
 
 
 
 
 
 
30

 
195

 
225

Allocated underwriting result
 
 
 
 
 
 
 
 
 
 
$
51

 
n/a

 
n/a

Net realized and unrealized investment losses
 
 
 
 
 
 
 
 
 
 
 
 
(140
)
 
(140
)
Interest expense
 
 
 
 
 
 
 
 
 
 
 
 
(25
)
 
(25
)
Amortization of intangible assets
 
 
 
 
 
 
 
 
 
 
 
 
(14
)
 
(14
)
Net foreign exchange gains
 
 
 
 
 
 
 
 
 
 
 
 
7

 
7

Income tax expense
 
 
 
 
 
 
 
 
 
 
 
 
(65
)
 
(65
)
Interest in earnings of equity method investments
 
 
 
 
 
 
 
 
 
 
 
 
5

 
5

Net income
 
 
 
 
 
 
 
 
 
 
 
 
n/a

 
$
160

Loss ratio
60.4
%
 
72.0
%
 
49.9
%
 
9.9
%
 
55.8
%
 
 
 
 
 
 
Acquisition ratio
26.4

 
26.8

 
26.3

 
7.6

 
25.4

 
 
 
 
 
 
Technical ratio
86.8
%
 
98.8
%
 
76.2
%
 
17.5
%
 
81.2
%
 
 
 
 
 
 
Other expense ratio
 
 
 
 
 
 
 
 
5.5

 
 
 
 
 
 
Combined ratio
 
 
 
 
 
 
 
 
86.7
%
 
 
 
 
 
 
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 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 expense ratio
 
 
 
 
 
 
 
 
6.2

 
 
 
 
 
 
Combined ratio
 
 
 
 
 
 
 
 
87.8
%