XML 46 R30.htm IDEA: XBRL DOCUMENT v3.24.1
Segment Information
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company monitors the performance of its operations in three segments: Property and Casualty (P&C), Specialty and Life and Health. The business in the P&C and Specialty segments is collectively referred to as Non-life business. P&C, Specialty and Life and Health each separately represent markets that are reasonably homogeneous in terms of client types, buying patterns, underlying risk patterns and approach to risk management.
The P&C segment is comprised of property and casualty business underwritten, including property catastrophe, facultative and U.S. health risks. The Specialty segment is comprised of specialty business underwritten, including treaty and facultative contracts. The Life and Health segment is comprised of mortality, morbidity, longevity and financial reinsurance solutions businesses.
Management measures results for the P&C and Specialty segments on the basis of the loss ratio, acquisition ratio, technical ratio, other expense ratio and combined ratio (all defined below). Management measures results for the Life and Health segment on the basis of the allocated underwriting result, which includes underwriting result and net investment income allocated to life business.
The segment results for the years ended December 31, 2023, 2022 and 2021 are presented below (in millions of U.S. dollars, except ratios).
Segment Information
For the year ended December 31, 2023
P&C
segment		Specialty
segment		Total
Non-life		Life
and Health
segment		Corporate
and Other		Total
Gross premiums written$4,771 $2,223 $6,994 $2,108 $— $9,102 
Net premiums written$3,909 $1,939 $5,848 $2,081 $— $7,929 
Decrease (increase) in unearned premiums37 (47)(10)— — (10)
Net premiums earned$3,946 $1,892 $5,838 $2,081 $— $7,919 
Losses and loss expenses(2,196)(986)(3,182)(1,808)— (4,990)
Acquisition costs(960)(494)(1,454)(109)— (1,563)
Technical result$790 $412 $1,202 $164 $— $1,366 
Other income — — — 40 1 41 
Other expenses(92)(39)(131)(118)(214)(463)
Underwriting result$698 $373 $1,071 $86 n/a$944 
Net investment income73 573 646 
Allocated underwriting result$159 n/an/a
Market risk benefit gains
7 7 
Net realized and unrealized investment gains517 517 
Interest expense(58)(58)
Amortization of intangible assets(8)(8)
Net foreign exchange losses(43)(43)
Income tax benefit328 328 
Interest in losses of equity method investments(15)(15)
Net incomen/a$2,318 
Loss ratio (1)
55.7 %52.1 %54.5 %
Acquisition ratio (2)
24.3 26.1 24.9 
Technical ratio (3)
80.0 %78.2 %79.4 %
Other expense ratio (4)
2.3 2.1 2.2 
Combined ratio (5)
82.3 %80.3 %81.6 %
(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, 2022
P&C
segment		Specialty
segment		Total
Non-life		Life
and Health
segment		Corporate
and Other		Total
Gross premiums written$5,025 $1,990 $7,015 $1,674 $— $8,689 
Net premiums written$4,234 $1,665 $5,899 $1,645 $— $7,544 
(Increase) decrease in unearned premiums(293)5 (288)1 — (287)
Net premiums earned$3,941 $1,670 $5,611 $1,646 $— $7,257 
Losses and loss expenses(2,410)(903)(3,313)(1,413)— (4,726)
Acquisition costs(995)(435)(1,430)(107)— (1,537)
Technical result$536 $332 $868 $126 $— $994 
Other income— — — 39 1 40 
Other expenses(84)(35)(119)(93)(203)(415)
Underwriting result$452 $297 $749 $72 n/a$619 
Net investment income74 324 398 
Allocated underwriting result$146 n/an/a
Market risk benefit gains121 121 
Net realized and unrealized investment losses(1,969)(1,969)
Interest expense(55)(55)
Amortization of intangible assets(9)(9)
Net foreign exchange losses(14)(14)
Income tax expense(42)(42)
Interest in earnings of equity method investments11 11 
Net lossn/a$(940)
Loss ratio61.2 %54.1 %59.0 %
Acquisition ratio25.2 26.0 25.5 
Technical ratio86.4 %80.1 %84.5 %
Other expense ratio2.1 2.1 2.1 
Combined ratio88.5 %82.2 %86.6 %

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 written3,722 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)(1,408)— (4,851)
Acquisition costs(864)(415)(1,279)(113)— (1,392)
Technical result$273 $335 $608 $106 $— $714 
Other income
— — — 26 3 29 
Other expenses(71)(30)(101)(88)(210)(399)
Underwriting result$202 $305 $507 $44 n/a$344 
Net investment income81 295 376 
Allocated underwriting result$125 
n/a
n/a
Market risk benefit gains20 20 
Net realized and unrealized investment gains38 38 
Interest expense(56)(56)
Amortization of intangible assets(9)(9)
Net foreign exchange losses(36)(36)
Income tax expense(40)(40)
Interest in earnings of equity method investments127 127 
Net incomen/a$764 
Loss ratio67.8 %58.4 %64.6 %
Acquisition ratio24.5 23.0 24.0 
Technical ratio92.3 %81.4 %88.6 %
Other expense ratio2.0 1.7 1.9 
Combined ratio94.3 %83.1 %90.5 %

The following table provides the geographic distribution of gross premiums written by region for the years ended December 31, 2023, 2022 and 2021 (in millions of U.S. dollars, except percentages):
202320222021
North America$5,089 56 %$5,040 58 %$4,649 57 %
Europe2,916 32 2,592 30 2,410 29 
Asia, Australia and New Zealand744 8 720 8 814 10 
Latin America and the Caribbean249 3 223 3 189 2 
Middle East, Africa, Russia and the Commonwealth of Independent States (CIS)104 1 114 1 142 2 
Total$9,102 100 %$8,689 100 %$8,204 100 %
The following table provides the gross premiums written by segment and line of business for the years ended December 31, 2023, 2022 and 2021 (in millions of U.S. dollars, except percentages):
202320222021
P&C
Casualty$2,391 $2,777 $2,145 
Catastrophe1,077 933 924 
Property783 764 809 
U.S. health355 355 351 
Multiline and other105 119 183 
Motor60 77 129 
Total P&C$4,771 $5,025 $4,541 
Specialty
Financial risks$693 $634 $510 
Property449 240 277 
Energy406 346 314 
Aviation and space360 362 416 
Marine203 223 174 
Agriculture47 101 205 
Engineering34 39 100 
Multiline and other31 45 20 
Total Specialty$2,223 $1,990 $2,016 
Life and Health $2,108 $1,674 $1,647 
Total$9,102 $8,689 $8,204 
The Company produces its business both through brokers and through direct relationships with insurance company clients. None of the Company’s cedants individually accounted for more than 10% of total gross premiums written during each of the years ended December 31, 2023, 2022 and 2021.
The Company has two brokers that individually accounted for 10% or more of its gross premiums written during the years ended December 31, 2023, 2022 and 2021, as follows:
202320222021
Aon PLC26 %26 %24 %
Marsh & McLennan Companies, Inc25 %30 %28 %
The following table summarizes the percentage of gross premiums written through these two brokers by segment for the years ended December 31, 2023, 2022 and 2021: 
202320222021
P&C65 %67 %63 %
Specialty65 %70 %66 %
Life and Health5 %6 %6 %