Segment Information (Tables)

3 Months Ended

Mar. 31, 2012

Segment Information
For the three months ended March 31, 2012

					Global			Global						Total
		North			(Non-U.S.)			(Non-U.S.)						Non-life			Life		Corporate
		America			P&C			Specialty			Catastrophe			Segment			Segment		and Other		Total

Gross premiums written		$	341		$	347		$	417		$	242		$	1,347		$	217	$	3	$	1,567
Net premiums written		$	341		$	346		$	353		$	215		$	1,255		$	215	$	3	$	1,473
Increase in unearned premiums			(103)			(187)			(45)			(125)			(460)			(21)		(2)		(483)
Net premiums earned		$	238		$	159		$	308		$	90		$	795		$	194	$	1	$	990
Losses and loss expenses and
life policy benefits			(133)			(98)			(194)			(2)			(427)			(149)		—		(576)
Acquisition costs			(66)			(38)			(70)			(9)			(183)			(29)		—		(212)
Technical result		$	39		$	23		$	44		$	79		$	185		$	16	$	1	$	202
Other income															1			—		1		2
Other operating expenses															(63)			(12)		(23)		(98)
Underwriting result														$	123		$	4		n/a	$	106
Net investment income																		17		130		147
Allocated underwriting result	⁽¹⁾																$	21		n/a		n/a
Net realized and unrealized investment gains																				193		193
Interest expense																				(12)		(12)
Amortization of intangible assets																				(9)		(9)
Net foreign exchange losses																				(3)		(3)
Income tax expense																				(67)		(67)
Interest in earnings of equity investments																				5		5
Net income																				n/a	$	360

Loss ratio ⁽²⁾			55.9	%		61.6	%		63.2	%		2.1	%		53.8	%
Acquisition ratio ⁽³⁾			27.5			23.9			22.6			10.5			23.0

Technical ratio ⁽⁴⁾			83.4	%		85.5	%		85.8	%		12.6	%		76.8	%
Other operating expense ratio ⁽⁵⁾															7.9

Combined ratio ⁽⁶⁾															84.7	%

_______________

(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 operating 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 operating expense ratio is obtained by dividing other operating expenses by net premiums earned.

(6) Combined ratio is defined as the sum of the technical ratio and the other operating expense ratio.

Segment Information
For the three months ended March 31, 2011

				Global			Global						Total
	North			(Non-U.S.)			(Non-U.S.)						Non-life			Life		Corporate
	America			P&C			Specialty			Catastrophe			Segment			Segment		and Other		Total

Gross premiums written	$	338		$	318		$	375		$	317		$	1,348		$	208	$	2	$	1,558
Net premiums written	$	338		$	317		$	315		$	292		$	1,262		$	206	$	2	$	1,470
(Increase) decrease in unearned premiums		(79)			(136)			2			(168)			(381)			(22)		(2)		(405)
Net premiums earned	$	259		$	181		$	317		$	124		$	881		$	184	$	—	$	1,065
Losses and loss expenses and
life policy benefits		(174)			(150)			(221)			(918)			(1,463)			(145)		—		(1,608)
Acquisition costs		(66)			(40)			(80)			8			(178)			(30)		—		(208)
Technical result	$	19		$	(9)		$	16		$	(786)		$	(760)		$	9	$	—	$	(751)
Other income														1			—		1		2
Other operating expenses														(66)			(12)		(26)		(104)
Underwriting result													$	(825)		$	(3)		n/a	$	(853)
Net investment income																	15		137		152
Allocated underwriting result																$	12		n/a		n/a
Net realized and unrealized investment losses																			(112)		(112)
Interest expense																			(12)		(12)
Amortization of intangible assets																			(9)		(9)
Net foreign exchange gains																			—		—
Income tax benefit																			26		26
Interest in earnings of equity investments																			1		1
Net loss																			n/a	$	(807)

Loss ratio		67.0	%		82.8	%		69.7	%		743.0	%		166.0	%
Acquisition ratio		25.6			22.1			25.3			(6.7)			20.3

Technical ratio		92.6	%		104.9	%		95.0	%		736.3	%		186.3	%
Other operating expense ratio														7.4

Combined ratio														193.7	%

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

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