Segment Information (Tables)

12 Months Ended

Dec. 31, 2020

The segment results for the years ended December 31, 2020, 2019 and 2018 are presented below (in millions of U.S. dollars, except ratios).

Segment Information

For the year ended December 31, 2020


	P&C segment			Specialty segment			Total Non-life			Life and Health segment		Corporate and Other		Total
Gross premiums written	$	3,442		$	1,935		$	5,377		$	1,499	$	—	$	6,876
Net premiums written	$	3,044		$	1,782		$	4,826		$	1,475	$	—	$	6,301
Decrease in unearned premiums	119			110			229			7		—		236
Net premiums earned	$	3,163		$	1,892		$	5,055		$	1,482	$	—	$	6,537
Losses and loss expenses	(2,389)			(1,628)			(4,017)			(1,318)		—		(5,335)
Acquisition costs	(784)			(470)			(1,254)			(102)		—		(1,356)
Technical result	$	(10)		$	(206)		$	(216)		$	62	$	—	$	(154)
Other (loss) income	(1)			—			(1)			13		1		13
Other expenses	(61)			(26)			(87)			(73)		(196)		(356)
Underwriting result	$	(72)		$	(232)		$	(304)		$	2	n/a		$	(497)
Net investment income										68		293		361
Allocated underwriting result										$	70	n/a		n/a
Net realized and unrealized investment gains												454		454
Interest expense												(39)		(39)

Amortization of intangible assets												(10)		(10)
Net foreign exchange losses												(52)		(52)
Income tax benefit												13		13
Interest in earnings of equity method investments												24		24
Net income												n/a		$	254
Loss ratio (1)	75.5		%	86.0		%	79.5		%
Acquisition ratio (2)	24.8			24.8			24.8
Technical ratio (3)	100.3		%	110.8		%	104.3		%
Other expense ratio (4)	1.9			1.4			1.7
Combined ratio (5)	102.2		%	112.2		%	106.0		%

(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.

Segment Information

For the year ended December 31, 2019


	P&C segment			Specialty segment			Total Non-life			Life and Health segment		Corporate and Other		Total
Gross premiums written	$	3,579		$	2,213		$	5,792		$	1,493	$	—	$	7,285
Net premiums written	$	3,302		$	2,137		$	5,439		$	1,470	$	—	$	6,909
Increase in unearned premiums	(231)			(150)			(381)			(3)		—		(384)
Net premiums earned	$	3,071		$	1,987		$	5,058		$	1,467	$	—	$	6,525
Losses and loss expenses	(2,167)			(1,496)			(3,663)			(1,263)		3		(4,923)
Acquisition costs	(783)			(523)			(1,306)			(149)		—		(1,455)
Technical result	$	121		$	(32)		$	89		$	55	$	3	$	147
Other (loss) income	(1)			—			(1)			15		1		15
Other expenses	(80)			(28)			(108)			(69)		(193)		(370)
Underwriting result	$	40		$	(60)		$	(20)		$	1	n/a		$	(208)
Net investment income										72		377		449
Allocated underwriting result										$	73	n/a		n/a
Net realized and unrealized investment gains												887		887
Interest expense												(40)		(40)
Loss on redemption of debt												(15)		(15)
Amortization of intangible assets												(12)		(12)
Net foreign exchange losses												(87)		(87)
Income tax expense												(53)		(53)
Interest in earnings of equity method investments												16		16
Net income												n/a		$	937
Loss ratio	70.6		%	75.3		%	72.4		%
Acquisition ratio	25.5			26.3			25.8
Technical ratio	96.1		%	101.6		%	98.2		%
Other expense ratio	2.6			1.4			2.1
Combined ratio	98.7		%	103.0		%	100.3		%

Segment Information

For the year ended December 31, 2018


	P&C segment			Specialty segment			Total Non-life			Life and Health segment		Corporate and Other		Total
Gross premiums written	$	3,015		$	2,050		$	5,065		$	1,235	$	—	$	6,300
Net premiums written	$	2,722		$	1,870		$	4,592		$	1,211	$	—	$	5,803
(Increase) decrease in unearned premiums	(187)			(103)			(290)			1		—		(289)
Net premiums earned	$	2,535		$	1,767		$	4,302		$	1,212	$	—	$	5,514
Losses and loss expenses	(2,073)			(1,096)			(3,169)			(1,025)		—		(4,194)
Acquisition costs	(606)			(502)			(1,108)			(129)		—		(1,237)
Technical result	$	(144)		$	169		$	25		$	58	$	—	$	83
Other income	30			—			30			13		7		50
Other expenses	(75)			(27)			(102)			(51)		(153)		(306)
Underwriting result	$	(189)		$	142		$	(47)		$	20	n/a		$	(173)
Net investment income										66		350		416
Allocated underwriting result										$	86	n/a		n/a
Net realized and unrealized investment losses												(390)		(390)
Interest expense												(43)		(43)

Amortization of intangible assets												(35)		(35)
Net foreign exchange gains												119		119
Income tax benefit												9		9
Interest in earnings of equity method investments												11		11
Net loss												n/a		$	(86)
Loss ratio	81.8		%	62.0		%	73.7		%
Acquisition ratio	23.9			28.4			25.8
Technical ratio	105.7		%	90.4		%	99.5		%
Other expense ratio	3.0			1.5			2.4
Combined ratio	108.7		%	91.9		%	101.9		%

Segment geographic distribution of premiums table

The following table provides the geographic distribution of gross premiums written by region for the years ended December 31, 2020, 2019 and 2018 (in millions of U.S. dollars, except percentages):


	2020				2019				2018
North America	$	3,794	55	%	$	3,752	51	%	$	2,929	47	%
Europe	1,921		28		2,155		30		2,152		34
Asia, Australia and New Zealand	806		12		835		11		699		11
Latin America and the Caribbean	220		3		264		4		260		4
Middle East, Africa, Russia and the Commonwealth of Independent States (CIS)	135		2		279		4		260		4
Total	$	6,876	100	%	$	7,285	100	%	$	6,300	100	%

Premiums by segment and line of business

The following table provides the gross premiums written by segment and line of business for the years ended December 31, 2020, 2019 and 2018 (in millions of U.S. dollars, except percentages):


	2020		2019		2018
P&C
Casualty	$	1,430	$	1,394	$	1,052
Property	641		644		615
Catastrophe	545		537		478
U.S. health	379		391		405
Multiline and other	289		213		157
Motor	158		400		308
Total P&C	$	3,442	$	3,579	$	3,015
Specialty
Financial risks	$	568	$	587	$	549
Agriculture	468		483		506
Aviation and space	219		286		228
Energy	192		183		79
Property	173		151		112
Multiline and other	152		276		307
Marine	142		132		103
Engineering	17		102		124
Casualty	4		13		42
Total Specialty	$	1,935	$	2,213	$	2,050
Life and Health	$	1,499	$	1,493	$	1,235
Total	$	6,876	$	7,285	$	6,300

Percentage of premiums through brokers

The Company has two brokers that individually accounted for 10% or more of its gross premiums written during the years ended December 31, 2020, 2019 and 2018, as follows:


	2020		2019		2018
Marsh (including Guy Carpenter)	30	%	28	%	22	%
Aon Group (including the Benfield Group)	21	%	22	%	22	%

The following table summarizes the percentage of gross premiums written through these two brokers by segment for the years ended December 31, 2020, 2019 and 2018:


	2020		2019		2018
P&C	64	%	60	%	53	%
Specialty	64	%	62	%	52	%
Life and Health	6	%	8	%	11	%