XML 54 R38.htm IDEA: XBRL DOCUMENT v3.2.0.727
Segment Information (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Segment Reporting [Line Items]        
Gross premiums written $ 1,432,012 $ 1,462,307 $ 3,180,946 $ 3,334,047
Net premiums written 1,322,304 1,418,665 2,975,519 3,157,159
Decrease (increase) in unearned premiums 5,522 (65,596) (412,972) (550,308)
Net premiums earned 1,327,826 1,353,069 2,562,547 2,606,851
Losses and loss expenses and life policy benefits (865,000) (884,000) (1,586,000) (1,633,000)
Acquisition costs (283,463) (302,573) (559,254) (567,181)
Technical result 180,000 166,000 417,000 407,000
Other income 236 9,265 4,528 9,669
Other expenses (129,766) (107,072) (254,516) (218,534)
Underwriting result 50,000 68,000 167,000 198,000
Net investment income 120,192 129,967 224,823 246,834
Net realized and unrealized investment (losses) gains (255,734) 165,717 (140,089) 307,888
Interest expense (12,248) (12,240) (24,493) (24,477)
Amortization of intangible assets (6,767) (7,003) (13,535) (14,005)
Net foreign exchange gains (6,391) 2,023 6,756 2,693
Income tax benefit (expense) 13,844 (78,440) (65,821) (140,746)
Interest in earnings of equity method investments 8,633 4,925 4,795 10,989
Net (loss) income (88,555) 273,792 159,543 586,678
Non Life [Member]        
Segment Reporting [Line Items]        
Gross premiums written 1,098,000 1,136,000 2,522,000 2,719,000
Net premiums written 1,009,000 1,108,000 2,349,000 2,564,000
Decrease (increase) in unearned premiums 3,000 (66,000) (401,000) (530,000)
Net premiums earned 1,012,000 1,042,000 1,948,000 2,034,000
Losses and loss expenses and life policy benefits (605,000) (632,000) (1,087,000) (1,165,000)
Acquisition costs (253,000) (260,000) (495,000) (494,000)
Technical result 154,000 150,000 366,000 375,000
Other income 0 1,000 0 2,000
Other expenses (55,000) (61,000) (107,000) (126,000)
Underwriting result $ 99,000 $ 90,000 $ 259,000 $ 251,000
Reinsurance Ratios [Abstract]        
Loss Ratio [1] 59.80% 60.60% 55.80% 57.30%
Acquisition ratio [2] 25.00% 25.00% 25.40% 24.30%
Technical ratio [3] 84.80% 85.60% 81.20% 81.60%
Other expense Ratio [4] 5.50% 5.90% 5.50% 6.20%
Combined Ratio [5] 90.30% 91.50% 86.70% 87.80%
Non Life [Member] | North America Segment [Member]        
Segment Reporting [Line Items]        
Gross premiums written $ 427,000 $ 400,000 $ 900,000 $ 930,000
Net premiums written 401,000 392,000 872,000 919,000
Decrease (increase) in unearned premiums 34,000 (2,000) (98,000) (151,000)
Net premiums earned 435,000 390,000 774,000 768,000
Losses and loss expenses and life policy benefits (296,000) (240,000) (468,000) (499,000)
Acquisition costs (111,000) (102,000) (204,000) (194,000)
Technical result $ 28,000 $ 48,000 $ 102,000 $ 75,000
Reinsurance Ratios [Abstract]        
Loss Ratio [1] 68.10% 61.50% 60.40% 65.00%
Acquisition ratio [2] 25.40% 26.10% 26.40% 25.20%
Technical ratio [3] 93.50% 87.60% 86.80% 90.20%
Non Life [Member] | Global (Non-US) P&C [Member]        
Segment Reporting [Line Items]        
Gross premiums written $ 143,000 $ 155,000 $ 477,000 $ 519,000
Net premiums written 137,000 148,000 468,000 508,000
Decrease (increase) in unearned premiums 22,000 39,000 (135,000) (141,000)
Net premiums earned 159,000 187,000 333,000 367,000
Losses and loss expenses and life policy benefits (121,000) (103,000) (240,000) (196,000)
Acquisition costs (36,000) (52,000) (89,000) (107,000)
Technical result $ 2,000 $ 32,000 $ 4,000 $ 64,000
Reinsurance Ratios [Abstract]        
Loss Ratio [1] 75.90% 54.60% 72.00% 53.50%
Acquisition ratio [2] 23.20% 27.90% 26.80% 29.00%
Technical ratio [3] 99.10% 82.50% 98.80% 82.50%
Non Life [Member] | Global Specialty [Member]        
Segment Reporting [Line Items]        
Gross premiums written $ 406,000 $ 438,000 $ 833,000 $ 917,000
Net premiums written 400,000 432,000 762,000 822,000
Decrease (increase) in unearned premiums (26,000) (26,000) (23,000) (61,000)
Net premiums earned 374,000 406,000 739,000 761,000
Losses and loss expenses and life policy benefits (198,000) (270,000) (369,000) (471,000)
Acquisition costs (102,000) (98,000) (194,000) (178,000)
Technical result $ 74,000 $ 38,000 $ 176,000 $ 112,000
Reinsurance Ratios [Abstract]        
Loss Ratio [1] 53.00% 66.50% 49.90% 61.90%
Acquisition ratio [2] 27.20% 24.20% 26.30% 23.40%
Technical ratio [3] 80.20% 90.70% 76.20% 85.30%
Non Life [Member] | Catastrophe Segment [Member]        
Segment Reporting [Line Items]        
Gross premiums written $ 122,000 $ 143,000 $ 312,000 $ 353,000
Net premiums written 71,000 136,000 247,000 315,000
Decrease (increase) in unearned premiums (27,000) (77,000) (145,000) (177,000)
Net premiums earned 44,000 59,000 102,000 138,000
Losses and loss expenses and life policy benefits 10,000 (19,000) (10,000) 1,000
Acquisition costs (4,000) (8,000) (8,000) (15,000)
Technical result $ 50,000 $ 32,000 $ 84,000 $ 124,000
Reinsurance Ratios [Abstract]        
Loss Ratio [1] (21.50%) 33.40% 9.90% (0.90%)
Acquisition ratio [2] 8.20% 13.00% 7.60% 11.40%
Technical ratio [3] (13.30%) 46.40% 17.50% 10.50%
Life and Health [Member]        
Segment Reporting [Line Items]        
Gross premiums written $ 334,000 $ 326,000 $ 659,000 $ 615,000
Net premiums written 313,000 311,000 626,000 593,000
Decrease (increase) in unearned premiums 3,000 0 (12,000) (20,000)
Net premiums earned 316,000 311,000 614,000 573,000
Losses and loss expenses and life policy benefits (260,000) (252,000) (499,000) (468,000)
Acquisition costs (30,000) (43,000) (64,000) (73,000)
Technical result 26,000 16,000 51,000 32,000
Other income 0 3,000 1,000 4,000
Other expenses (16,000) (16,000) (31,000) (34,000)
Underwriting result 10,000 3,000 21,000 2,000
Net investment income 16,000 15,000 30,000 30,000
Allocated underwriting result [6] 26,000 18,000 51,000 32,000
Corporate and Other [Member]        
Segment Reporting [Line Items]        
Gross premiums written 0 0 0 0
Net premiums written 0 0 0 0
Decrease (increase) in unearned premiums 0 0 0 0
Net premiums earned 0 0 0 0
Losses and loss expenses and life policy benefits 0 0 0 0
Acquisition costs 0 0 0 0
Technical result 0 0 0 0
Other income 0 5,000 3,000 4,000
Other expenses (59,000) (30,000) (116,000) (59,000)
Net investment income 104,000 115,000 195,000 217,000
Net realized and unrealized investment (losses) gains (256,000) 166,000 (140,000) 308,000
Interest expense (12,000) (12,000) (25,000) (25,000)
Amortization of intangible assets (7,000) (7,000) (14,000) (14,000)
Net foreign exchange gains (6,000) 2,000 7,000 3,000
Income tax benefit (expense) 14,000 (78,000) (65,000) (141,000)
Interest in earnings of equity method investments $ 8,000 $ 5,000 $ 5,000 $ 11,000
[1] Loss ratio is obtained by dividing losses and loss expenses by net premiums earned.
[2] Acquisition ratio is obtained by dividing acquisition costs by net premiums earned.
[3] Technical ratio is defined as the sum of the loss ratio and the acquisition ratio.
[4] Other expense ratio is obtained by dividing other expenses by net premiums earned.
[5] Combined ratio is defined as the sum of the technical ratio and the other expense ratio.
[6] 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.