Segment Information (Tables)

12 Months Ended

Dec. 31, 2021

The segment results for the years ended December 31, 2021, 2020 and 2019 are presented below (in millions of U.S. dollars, except ratios).

Segment Information

For the year ended December 31, 2021


	P&C segment			Specialty segment			Total Non-life			Life and Health segment		Corporate and Other		Total
Gross premiums written	$	4,541		$	2,016		$	6,557		$	1,647	$	—	$	8,204
Net premiums written	$	3,722		$	1,789		$	5,511		$	1,623	$	—	$	7,134
(Increase) decrease in unearned premiums	(194)			13			(181)			4		—		(177)
Net premiums earned	$	3,528		$	1,802		$	5,330		$	1,627	$	—	$	6,957
Losses and loss expenses	(2,391)			(1,052)			(3,443)			(1,441)		—		(4,884)
Acquisition costs	(864)			(415)			(1,279)			(108)		—		(1,387)
Technical result	$	273		$	335		$	608		$	78	$	—	$	686
Other income	—			—			—			26		3		29
Other expenses	(71)			(30)			(101)			(88)		(210)		(399)
Underwriting result	$	202		$	305		$	507		$	16	n/a		$	316
Net investment income										81		295		376
Allocated underwriting result										$	97	n/a		n/a
Net realized and unrealized investment gains												38		38
Interest expense												(56)		(56)

Amortization of intangible assets												(9)		(9)
Net foreign exchange losses												(31)		(31)
Income tax expense												(38)		(38)
Interest in earnings of equity method investments												127		127
Net income												n/a		$	723
Loss ratio (1)	67.8		%	58.4		%	64.6		%
Acquisition ratio (2)	24.5			23.0			24.0
Technical ratio (3)	92.3		%	81.4		%	88.6		%
Other expense ratio (4)	2.0			1.7			1.9
Combined ratio (5)	94.3		%	83.1		%	90.5		%

(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, 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	75.5		%	86.0		%	79.5		%
Acquisition ratio	24.8			24.8			24.8
Technical ratio	100.3		%	110.8		%	104.3		%
Other expense ratio	1.9			1.4			1.7
Combined ratio	102.2		%	112.2		%	106.0		%

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 geographic distribution of premiums table

The following table provides the geographic distribution of gross premiums written by region for the years ended December 31, 2021, 2020 and 2019 (in millions of U.S. dollars, except percentages):


	2021				2020				2019
North America	$	4,649	57	%	$	3,794	55	%	$	3,752	51	%
Europe	2,410		29		1,921		28		2,155		30
Asia, Australia and New Zealand	814		10		806		12		835		11
Latin America and the Caribbean	189		2		220		3		264		4
Middle East, Africa, Russia and the Commonwealth of Independent States (CIS)	142		2		135		2		279		4
Total	$	8,204	100	%	$	6,876	100	%	$	7,285	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, 2021, 2020 and 2019 (in millions of U.S. dollars, except percentages):


	2021		2020		2019
P&C
Casualty	$	2,145	$	1,430	$	1,394
Catastrophe	924		545		537
Property	809		641		644
U.S. health	351		379		391
Multiline and other	183		289		213
Motor	129		158		400
Total P&C	$	4,541	$	3,442	$	3,579
Specialty
Financial risks	$	510	$	568	$	587
Aviation and space	416		219		286
Energy	314		192		183
Property	277		173		151
Agriculture	205		468		483
Marine	174		142		132
Engineering	100		17		102
Multiline and other	20		152		276
Casualty	—		4		13
Total Specialty	$	2,016	$	1,935	$	2,213
Life and Health	$	1,647	$	1,499	$	1,493
Total	$	8,204	$	6,876	$	7,285

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, 2021, 2020 and 2019, as follows:


	2021		2020		2019
Marsh (including Guy Carpenter)	28	%	30	%	28	%
Aon Group (including the Benfield Group)	24	%	21	%	22	%

The following table summarizes the percentage of gross premiums written through these two brokers by segment for the years ended December 31, 2021, 2020 and 2019:


	2021		2020		2019
P&C	63	%	64	%	60	%
Specialty	66	%	64	%	62	%
Life and Health	6	%	6	%	8	%