Segment Information (Tables)

6 Months Ended

Jun. 30, 2013

Segment Information
For the three months ended June 30, 2013

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

Gross premiums written		$	372		$	160		$	413		$	161		$	1,106		$	233	$	2	$	1,341
Net premiums written		$	360		$	158		$	409		$	149		$	1,076		$	232	$	1	$	1,309
(Increase) decrease in unearned premiums			(3)			11			(37)			(70)			(99)			0		(1)		(100)
Net premiums earned		$	357		$	169		$	372		$	79		$	977		$	232	$	0	$	1,209
Losses and loss expenses and
life policy benefits			(245)			(106)			(284)			(51)			(686)			(181)		0		(867)
Acquisition costs			(79)			(34)			(90)			(6)			(209)			(33)		0		(242)
Technical result		$	33		$	29		$	(2)		$	22		$	82		$	18	$	0	$	100
Other income															0			3		1		4
Other operating expenses															(60)			(17)		(68)		(145)
Underwriting result														$	22		$	4		n/a	$	(41)
Net investment income																		15		110		125
Allocated underwriting result	⁽¹⁾																$	19		n/a		n/a
Net realized and unrealized investment losses																				(299)		(299)
Interest expense																				(12)		(12)
Amortization of intangible assets																				(7)		(7)
Net foreign exchange losses																				(11)		(11)
Income tax benefit																				75		75
Interest in losses of equity investments																				(4)		(4)
Net loss																				n/a	$	(174)

Loss ratio ⁽²⁾			68.6	%		62.9	%		76.6	%		64.1	%		70.3	%
Acquisition ratio ⁽³⁾			22.1			19.9			24.1			8.5			21.4

Technical ratio ⁽⁴⁾			90.7	%		82.8	%		100.7	%		72.6	%		91.7	%
Other operating expense ratio ⁽⁵⁾															6.1

Combined ratio ⁽⁶⁾															97.8	%

_______________

(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 June 30, 2012

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

Gross premiums written	$	271		$	130		$	400		$	159		$	960		$	200	$	3	$	1,163
Net premiums written	$	270		$	128		$	391		$	145		$	934		$	199	$	3	$	1,136
Decrease (increase) in unearned premiums		20			36			(28)			(72)			(44)			1		(2)		(45)
Net premiums earned	$	290		$	164		$	363		$	73		$	890		$	200	$	1	$	1,091
Losses and loss expenses and
life policy benefits		(185)			(119)			(213)			(16)			(533)			(173)		0		(706)
Acquisition costs		(69)			(39)			(93)			(6)			(207)			(26)		0		(233)
Technical result	$	36		$	6		$	57		$	51		$	150		$	1	$	1	$	152
Other income														0			1		2		3
Other operating expenses														(66)			(13)		(27)		(106)
Underwriting result													$	84		$	(11)		n/a	$	49
Net investment income																	17		136		153
Allocated underwriting result																$	6		n/a		n/a
Net realized and unrealized investment gains																			38		38
Interest expense																			(12)		(12)
Amortization of intangible assets																			(9)		(9)
Net foreign exchange gains																			8		8
Income tax expense																			(50)		(50)
Interest in losses of equity investments																			(1)		(1)
Net income																			n/a	$	176

Loss ratio		63.7	%		72.3	%		58.8	%		22.5	%		59.9	%
Acquisition ratio		23.8			23.9			25.5			8.3			23.2

Technical ratio		87.5	%		96.2	%		84.3	%		30.8	%		83.1	%
Other operating expense ratio														7.5

Combined ratio														90.6	%

Segment Information
For the six months ended June 30, 2013

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

Gross premiums written	$	819		$	532		$	857		$	399		$	2,607		$	486	$	4	$	3,097
Net premiums written	$	807		$	525		$	771		$	360		$	2,463		$	481	$	2	$	2,946
Increase in unearned premiums		(117)			(190)			(62)			(195)			(564)			(25)		(2)		(591)
Net premiums earned	$	690		$	335		$	709		$	165		$	1,899		$	456	$	0	$	2,355
Losses and loss expenses and
life policy benefits		(485)			(173)			(469)			(39)			(1,166)			(363)		1		(1,528)
Acquisition costs		(151)			(84)			(165)			(17)			(417)			(59)		0		(476)
Technical result	$	54		$	78		$	75		$	109		$	316		$	34	$	1	$	351
Other income														—			6		2		8
Other operating expenses														(126)			(35)		(100)		(261)
Underwriting result													$	190		$	5		n/a	$	98
Net investment income																	30		218		248
Allocated underwriting result																$	35		n/a		n/a
Net realized and unrealized investment losses																			(276)		(276)
Interest expense																			(24)		(24)
Amortization of intangible assets																			(14)		(14)
Net foreign exchange losses																			(9)		(9)
Income tax benefit																			33		33
Interest in earnings of equity investments																			4		4
Net income																			n/a	$	60

Loss ratio		70.2	%		51.8	%		66.1	%		23.8	%		61.4	%
Acquisition ratio		21.9			24.9			23.3			10.5			22.0

Technical ratio		92.1	%		76.7	%		89.4	%		34.3	%		83.4	%
Other operating expense ratio														6.6

Combined ratio														90.0	%

Segment Information
For the six months ended June 30, 2012

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

Gross premiums written	$	613		$	477		$	817		$	401		$	2,308		$	417	$	6	$	2,731
Net premiums written	$	611		$	474		$	744		$	360		$	2,189		$	414	$	6	$	2,609
Increase in unearned premiums		(84)			(150)			(73)			(197)			(504)			(20)		(4)		(528)
Net premiums earned	$	527		$	324		$	671		$	163		$	1,685		$	394	$	2	$	2,081
Losses and loss expenses and
life policy benefits		(317)			(217)			(408)			(19)			(961)			(322)		0		(1,283)
Acquisition costs		(134)			(78)			(162)			(15)			(389)			(55)		0		(444)
Technical result	$	76		$	29		$	101		$	129		$	335		$	17	$	2	$	354
Other income														1			2		2		5
Other operating expenses														(129)			(26)		(49)		(204)
Underwriting result													$	207		$	(7)		n/a	$	155
Net investment income																	33		267		300
Allocated underwriting result																$	26		n/a		n/a
Net realized and unrealized investment gains																			231		231
Interest expense																			(24)		(24)
Amortization of intangible assets																			(18)		(18)
Net foreign exchange gains																			5		5
Income tax expense																			(117)		(117)
Interest in earnings of equity investments																			4		4
Net income																			n/a	$	536

Loss ratio		60.1	%		67.0	%		60.8	%		11.3	%		57.0	%
Acquisition ratio		25.5			23.9			24.2			9.5			23.1

Technical ratio		85.6	%		90.9	%		85.0	%		20.8	%		80.1	%
Other operating expense ratio														7.7

Combined ratio														87.8	%

- 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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