Segment Information (Tables)

9 Months Ended

Sep. 30, 2012

Segment Information
For the three months ended September 30, 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		$	311		$	123		$	360		$	75		$	869		$	187	$	-	$	1,056
Net premiums written		$	311		$	122		$	354		$	69		$	856		$	187	$	-	$	1,043
Decrease in unearned premiums			24			50			9			99			182			8		4		194
Net premiums earned		$	335		$	172		$	363		$	168		$	1,038		$	195	$	4	$	1,237
Losses and loss expenses and
life policy benefits			(251)			(110)			(161)			(39)			(561)			(157)		(3)		(721)
Acquisition costs			(83)			(42)			(79)			(15)			(219)			(27)		(1)		(247)
Technical result		$	1		$	20		$	123		$	114		$	258		$	11	$	-	$	269
Other income															1			1		1		3
Other operating expenses															(58)			(12)		(25)		(95)
Underwriting result														$	201		$	-		n/a	$	177
Net investment income																		15		120		135
Allocated underwriting result	⁽¹⁾																$	15		n/a		n/a
Net realized and unrealized investment gains																				257		257
Interest expense																				(12)		(12)
Amortization of intangible assets																				(9)		(9)
Net foreign exchange losses																				(2)		(2)
Income tax expense																				(64)		(64)
Interest in earnings of equity investments																				5		5
Net income																				n/a	$	487

Loss ratio ⁽²⁾			74.9	%		63.9	%		44.4	%		23.3	%		54.1	%
Acquisition ratio ⁽³⁾			24.8			24.9			21.7			8.8			21.1

Technical ratio ⁽⁴⁾			99.7	%		88.8	%		66.1	%		32.1	%		75.2	%
Other operating expense ratio ⁽⁵⁾															5.5

Combined ratio ⁽⁶⁾															80.7	%

_______________

(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 September 30, 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	$	288		$	144		$	368		$	95		$	895		$	194	$	6	$	1,095
Net premiums written	$	287		$	144		$	360		$	89		$	880		$	194	$	6	$	1,080
Decrease in unearned premiums		42			49			2			110			203			9		2		214
Net premiums earned	$	329		$	193		$	362		$	199		$	1,083		$	203	$	8	$	1,294
Losses and loss expenses and
life policy benefits		(192)			(102)			(247)			(169)			(710)			(168)		(4)		(882)
Acquisition costs		(80)			(52)			(82)			(15)			(229)			(33)		-		(262)
Technical result	$	57		$	39		$	33		$	15		$	144		$	2	$	4	$	150
Other income														1			-		-		1
Other operating expenses														(69)			(12)		(23)		(104)
Underwriting result													$	76		$	(10)		n/a	$	47
Net investment income																	19		145		164
Allocated underwriting result																$	9		n/a		n/a
Net realized and unrealized investment gains																			26		26
Interest expense																			(12)		(12)
Amortization of intangible assets																			(9)		(9)
Net foreign exchange gains																			11		11
Income tax expense																			(42)		(42)
Interest in losses of equity investments																			(5)		(5)
Net income																			n/a	$	180

Loss ratio		58.4	%		52.9	%		68.3	%		85.0	%		65.6	%
Acquisition ratio		24.3			26.9			22.7			7.4			21.1

Technical ratio		82.7	%		79.8	%		91.0	%		92.4	%		86.7	%
Other operating expense ratio														6.4

Combined ratio														93.1	%

Segment Information
For the nine months ended September 30, 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	$	924		$	600		$	1,178		$	475		$	3,177		$	604	$	6	$	3,787
Net premiums written	$	922		$	596		$	1,098		$	429		$	3,045		$	601	$	6	$	3,652
Increase in unearned premiums		(59)			(100)			(64)			(98)			(321)			(12)		(1)		(334)
Net premiums earned	$	863		$	496		$	1,034		$	331		$	2,724		$	589	$	5	$	3,318
Losses and loss expenses and
life policy benefits		(568)			(327)			(569)			(58)			(1,522)			(479)		(3)		(2,004)
Acquisition costs		(218)			(120)			(241)			(30)			(609)			(82)		-		(691)
Technical result	$	77		$	49		$	224		$	243		$	593		$	28	$	2	$	623
Other income														2			3		3		8
Other operating expenses														(187)			(38)		(74)		(299)
Underwriting result													$	408		$	(7)		n/a	$	332
Net investment income																	49		387		436
Allocated underwriting result																$	42		n/a		n/a
Net realized and unrealized investment gains																			488		488
Interest expense																			(37)		(37)
Amortization of intangible assets																			(27)		(27)
Net foreign exchange gains																			3		3
Income tax expense																			(181)		(181)
Interest in earnings of equity investments																			9		9
Net income																			n/a	$	1,023

Loss ratio		65.9	%		65.9	%		55.1	%		17.4	%		55.9	%
Acquisition ratio		25.2			24.3			23.3			9.1			22.3

Technical ratio		91.1	%		90.2	%		78.4	%		26.5	%		78.2	%
Other operating expense ratio														6.9

Combined ratio														85.1	%

Segment Information
For the nine months ended September 30, 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	$	868		$	585		$	1,092		$	581		$	3,126		$	597	$	12	$	3,735
Net premiums written	$	868		$	581		$	1,007		$	542		$	2,998		$	596	$	12	$	3,606
(Increase) decrease in unearned premiums		(18)			(14)			14			(110)			(128)			(8)		(4)		(140)
Net premiums earned	$	850		$	567		$	1,021		$	432		$	2,870		$	588	$	8	$	3,466
Losses and loss expenses and
life policy benefits		(556)			(379)			(675)			(1,209)			(2,819)			(479)		(5)		(3,303)
Acquisition costs		(210)			(145)			(240)			(16)			(611)			(89)		-		(700)
Technical result	$	84		$	43		$	106		$	(793)		$	(560)		$	20	$	3	$	(537)
Other income														4			-		1		5
Other operating expenses														(206)			(38)		(78)		(322)
Underwriting result													$	(762)		$	(18)		n/a	$	(854)
Net investment income																	50		424		474
Allocated underwriting result																$	32		n/a		n/a
Net realized and unrealized investment losses																			(8)		(8)
Interest expense																			(37)		(37)
Amortization of intangible assets																			(27)		(27)
Net foreign exchange gains																			20		20
Income tax expense																			(66)		(66)
Interest in losses of equity investments																			(5)		(5)
Net loss																			n/a	$	(503)

Loss ratio		65.5	%		66.8	%		66.1	%		279.9	%		98.2	%
Acquisition ratio		24.6			25.7			23.5			3.5			21.3

Technical ratio		90.1	%		92.5	%		89.6	%		283.4	%		119.5	%
Other operating expense ratio														7.2

Combined ratio														126.7	%

- 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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