Segment Information (Tables)

12 Months Ended

Dec. 31, 2023

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 premiums	37			(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 income										73		573		646
Allocated underwriting result										$	159	n/a		n/a
Market risk benefit gains												7		7
Net realized and unrealized investment gains												517		517
Interest expense												(58)		(58)

Amortization of intangible assets												(8)		(8)
Net foreign exchange losses												(43)		(43)
Income tax benefit												328		328
Interest in losses of equity method investments												(15)		(15)
Net income												n/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 income										74		324		398
Allocated underwriting result										$	146	n/a		n/a
Market risk benefit gains												121		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 investments												11		11
Net loss												n/a		$	(940)
Loss ratio	61.2		%	54.1		%	59.0		%
Acquisition ratio	25.2			26.0			25.5
Technical ratio	86.4		%	80.1		%	84.5		%
Other expense ratio	2.1			2.1			2.1
Combined ratio	88.5		%	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 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)			(1,408)		—		(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 income										81		295		376
Allocated underwriting result										$	125	n/a		n/a
Market risk benefit gains												20		20
Net realized and unrealized investment gains												38		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 investments												127		127
Net income												n/a		$	764
Loss ratio	67.8		%	58.4		%	64.6		%
Acquisition ratio	24.5			23.0			24.0
Technical ratio	92.3		%	81.4		%	88.6		%
Other expense ratio	2.0			1.7			1.9
Combined ratio	94.3		%	83.1		%	90.5		%

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, 2023, 2022 and 2021 (in millions of U.S. dollars, except percentages):


	2023				2022				2021
North America	$	5,089	56	%	$	5,040	58	%	$	4,649	57	%
Europe	2,916		32		2,592		30		2,410		29
Asia, Australia and New Zealand	744		8		720		8		814		10
Latin America and the Caribbean	249		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	%

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, 2023, 2022 and 2021 (in millions of U.S. dollars, except percentages):


	2023		2022		2021
P&C
Casualty	$	2,391	$	2,777	$	2,145
Catastrophe	1,077		933		924
Property	783		764		809
U.S. health	355		355		351
Multiline and other	105		119		183
Motor	60		77		129
Total P&C	$	4,771	$	5,025	$	4,541
Specialty
Financial risks	$	693	$	634	$	510
Property	449		240		277
Energy	406		346		314
Aviation and space	360		362		416
Marine	203		223		174
Agriculture	47		101		205
Engineering	34		39		100
Multiline and other	31		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

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, 2023, 2022 and 2021, as follows:


	2023		2022		2021
Aon PLC	26	%	26	%	24	%
Marsh & McLennan Companies, Inc	25	%	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:


	2023		2022		2021
P&C	65	%	67	%	63	%
Specialty	65	%	70	%	66	%
Life and Health	5	%	6	%	6	%