Segment Information (Tables)

9 Months Ended

Sep. 30, 2013

Segment Information
For the three months ended September 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		$	409		$	157		$	396		$	79		$	1,041		$	235	$	5	$	1,281
Net premiums written		$	408		$	157		$	389		$	72		$	1,026		$	234	$	5	$	1,265
Decrease (increase) in unearned premiums			17			38			(7)			99			147			9		0		156
Net premiums earned		$	425		$	195		$	382		$	171		$	1,173		$	243	$	5	$	1,421
Losses and loss expenses and
life policy benefits			(197)			(90)			(228)			(42)			(557)			(195)		1		(751)
Acquisition costs			(101)			(50)			(92)			(16)			(259)			(24)		0		(283)
Technical result		$	127		$	55		$	62		$	113		$	357		$	24	$	6	$	387
Other income															2			3		0		5
Other operating expenses															(62)			(17)		(29)		(108)
Underwriting result														$	297		$	10		n/a	$	284
Net investment income																		15		107		122
Allocated underwriting result	⁽¹⁾																$	25		n/a		n/a
Net realized and unrealized investment gains																				16		16
Interest expense																				(12)		(12)
Amortization of intangible assets																				(7)		(7)
Net foreign exchange losses																				(1)		(1)
Income tax expense																				(70)		(70)
Interest in earnings of equity investments																				6		6
Net income																				n/a	$	338

Loss ratio ⁽²⁾			46.3	%		46.0	%		59.8	%		24.5	%		47.5	%
Acquisition ratio ⁽³⁾			23.9			25.7			24.0			9.0			22.1

Technical ratio ⁽⁴⁾			70.2	%		71.7	%		83.8	%		33.5	%		69.6	%
Other operating expense ratio ⁽⁵⁾															5.3

Combined ratio ⁽⁶⁾															74.9	%

_______________

(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, 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	$	311		$	123		$	360		$	75		$	869		$	187	$	0	$	1,056
Net premiums written	$	311		$	122		$	354		$	69		$	856		$	187	$	0	$	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	$	0	$	269
Other income														1			1		1		3
Other operating expenses														(58)			(12)		(25)		(95)
Underwriting result													$	201		$	0		n/a	$	177
Net investment income																	15		120		135
Allocated underwriting result																$	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		74.9	%		63.9	%		44.4	%		23.3	%		54.1	%
Acquisition ratio		24.8			24.9			21.7			8.8			21.1

Technical ratio		99.7	%		88.8	%		66.1	%		32.1	%		75.2	%
Other operating expense ratio														5.5

Combined ratio														80.7	%

Segment Information
For the nine months ended September 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	$	1,228		$	690		$	1,253		$	478		$	3,649		$	722	$	8	$	4,379
Net premiums written	$	1,215		$	682		$	1,159		$	433		$	3,489		$	715	$	7	$	4,211
Increase in unearned premiums		(99)			(152)			(68)			(97)			(416)			(17)		(1)		(434)
Net premiums earned	$	1,116		$	530		$	1,091		$	336		$	3,073		$	698	$	6	$	3,777
Losses and loss expenses and
life policy benefits		(682)			(263)			(697)			(81)			(1,723)			(558)		2		(2,279)
Acquisition costs		(253)			(134)			(257)			(33)			(677)			(82)		0		(759)
Technical result	$	181		$	133		$	137		$	222		$	673		$	58	$	8	$	739
Other income														3			9		1		13
Other operating expenses														(189)			(52)		(128)		(369)
Underwriting result													$	487		$	15		n/a	$	383
Net investment income																	45		325		370
Allocated underwriting result																$	60		n/a		n/a
Net realized and unrealized investment losses																			(260)		(260)
Interest expense																			(37)		(37)
Amortization of intangible assets																			(21)		(21)
Net foreign exchange losses																			(10)		(10)
Income tax expense																			(37)		(37)
Interest in earnings of equity investments																			10		10
Net income																			n/a	$	398

Loss ratio		61.1	%		49.7	%		63.9	%		24.2	%		56.1	%
Acquisition ratio		22.7			25.2			23.6			9.7			22.0

Technical ratio		83.8	%		74.9	%		87.5	%		33.9	%		78.1	%
Other operating expense ratio														6.1

Combined ratio														84.2	%

Segment Information
For the nine months ended September 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	$	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)		0		(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	%

- 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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