The segment results for the three months and nine months ended September 30, 2015 and 2014, were as follows (in millions of U.S. dollars, except ratios):

Segment Information

For the three months ended September 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	$	351		$	153		$	393		$	57		$	954		$	314		$	—		$	1,268
Net premiums written	$	335		$	153		$	391		$	13		$	892		$	298		$	—		$	1,190
Decrease in unearned premiums	73			33			13			99			218			4			—			222
Net premiums earned	$	408		$	186		$	404		$	112		$	1,110		$	302		$	—		$	1,412
Losses and loss expenses and life policy benefits	(182		)	(122		)	(224		)	(28		)	(556		)	(248		)	—			(804		)
Acquisition costs	(137		)	(50		)	(112		)	(10		)	(309		)	(38		)	—			(347		)
Technical result	$	89		$	14		$	68		$	74		$	245		$	16		$	—		$	261
Other income													—			3			—			3
Other expenses													(55		)	(16		)	(345		)	(416		)
Underwriting result													$	190		$	3		n/a			$	(152	)
Net investment income																15			102			117
Allocated underwriting result ⁽¹⁾																$	18		n/a			n/a
Net realized and unrealized investment losses																			(133		)	(133		)
Interest expense																			(12		)	(12		)
Amortization of intangible assets																			(7		)	(7		)
Net foreign exchange losses																			(22		)	(22		)
Income tax expense																			(17		)	(17		)
Interest in losses of equity method investments																			(3		)	(3		)
Net loss																			n/a			$	(229	)
Loss ratio ⁽²⁾	44.7		%	65.8		%	55.5		%	24.9		%	50.1		%
Acquisition ratio ⁽³⁾	33.4			26.9			27.7			8.7			27.8
Technical ratio ⁽⁴⁾	78.1		%	92.7		%	83.2		%	33.6		%	77.9		%
Other expense ratio ⁽⁵⁾													4.9
Combined ratio ⁽⁶⁾													82.8		%


(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 September 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	$	372		$	162		$	432		$	59		$	1,025		$	336		$	—		$	1,361
Net premiums written	$	372		$	164		$	428		$	55		$	1,019		$	325		$	(1	)	$	1,343
Decrease in unearned premiums	52			38			20			98			208			6			—			214
Net premiums earned	$	424		$	202		$	448		$	153		$	1,227		$	331		$	(1	)	$	1,557
Losses and loss expenses and life policy benefits	(247		)	(123		)	(279		)	(39		)	(688		)	(272		)	—			(960		)
Acquisition costs	(106		)	(56		)	(105		)	(17		)	(284		)	(38		)	—			(322		)
Technical result	$	71		$	23		$	64		$	97		$	255		$	21		$	(1	)	$	275
Other (loss) income													(1		)	2			1			2
Other expenses													(62		)	(17		)	(29		)	(108		)
Underwriting result													$	192		$	6		n/a			$	169
Net investment income																14			104			118
Allocated underwriting result																$	20		n/a			n/a
Net realized and unrealized investment losses																			(34		)	(34		)
Interest expense																			(12		)	(12		)
Amortization of intangible assets																			(7		)	(7		)
Net foreign exchange gains																			8			8
Income tax expense																			(46		)	(46		)
Interest in earnings of equity method investments																			5			5
Net income																			n/a			$	201
Loss ratio	58.2		%	61.1		%	62.3		%	25.2		%	56.1		%
Acquisition ratio	24.9			27.6			23.5			11.7			23.1
Technical ratio	83.1		%	88.7		%	85.8		%	36.9		%	79.2		%
Other expense ratio													5.0
Combined ratio													84.2		%

Segment Information

For the nine months ended September 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	$	1,251		$	630		$	1,226		$	370		$	3,477		$	972		$	—		$	4,449
Net premiums written	$	1,207		$	621		$	1,153		$	261		$	3,242		$	924		$	—		$	4,166
Increase in unearned premiums	(25		)	(102		)	(10		)	(47		)	(184		)	(7		)	—			(191		)
Net premiums earned	$	1,182		$	519		$	1,143		$	214		$	3,058		$	917		$	—		$	3,975
Losses and loss expenses and life policy benefits	(650		)	(362		)	(593		)	(38		)	(1,643		)	(748		)	1			(2,390		)
Acquisition costs	(341		)	(139		)	(307		)	(17		)	(804		)	(102		)	—			(906		)
Technical result	$	191		$	18		$	243		$	159		$	611		$	67		$	1		$	679
Other income													—			4			3			7
Other expenses													(162		)	(47		)	(461		)	(670		)
Underwriting result													$	449		$	24		n/a			$	16
Net investment income																45			297			342
Allocated underwriting result																$	69		n/a			n/a
Net realized and unrealized investment losses																			(273		)	(273		)
Interest expense																			(37		)	(37		)
Amortization of intangible assets																			(20		)	(20		)
Net foreign exchange losses																			(16		)	(16		)
Income tax expense																			(83		)	(83		)
Interest in earnings of equity method investments																			1			1
Net loss																			n/a			$	(70	)
Loss ratio	55.0		%	69.8		%	51.9		%	17.8		%	53.7		%
Acquisition ratio	28.8			26.8			26.8			8.1			26.3
Technical ratio	83.8		%	96.6		%	78.7		%	25.9		%	80.0		%
Other expense ratio													5.3
Combined ratio													85.3		%

Segment Information

For the nine months ended September 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	$	1,302		$	682		$	1,348		$	412		$	3,744		$	951		$	—		$	4,695
Net premiums written	$	1,291		$	672		$	1,250		$	370		$	3,583		$	918		$	(1	)	$	4,500
Increase in unearned premiums	(99		)	(104		)	(42		)	(78		)	(323		)	(14		)	—			(337		)
Net premiums earned	$	1,192		$	568		$	1,208		$	292		$	3,260		$	904		$	(1	)	$	4,163
Losses and loss expenses and life policy benefits	(747		)	(319		)	(749		)	(38		)	(1,853		)	(740		)	—			(2,593		)
Acquisition costs	(299		)	(162		)	(283		)	(34		)	(778		)	(111		)	—			(889		)
Technical result	$	146		$	87		$	176		$	220		$	629		$	53		$	(1	)	$	681
Other income													1			6			5			12
Other expenses													(187		)	(52		)	(88		)	(327		)
Underwriting result													$	443		$	7		n/a			$	366
Net investment income																45			320			365
Allocated underwriting result																$	52		n/a			n/a
Net realized and unrealized investment gains																			273			273
Interest expense																			(36		)	(36		)
Amortization of intangible assets																			(21		)	(21		)
Net foreign exchange gains																			11			11
Income tax expense																			(186		)	(186		)
Interest in earnings of equity method investments																			16			16
Net income																			n/a			$	788
Loss ratio	62.6		%	56.2		%	62.1		%	12.9		%	56.8		%
Acquisition ratio	25.1			28.5			23.4			11.5			23.9
Technical ratio	87.7		%	84.7		%	85.5		%	24.4		%	80.7		%
Other expense ratio													5.7
Combined ratio													86.4		%