Segment Information

12 Months Ended

Dec. 31, 2013

Disclosure - Segment Reporting [Abstract]

Segment Information

21. Segment Information

The Company monitors the performance of its operations in three segments, Non-life, Life and Health and Corporate and Other. The Non-life segment is further divided into four sub-segments: North America, Global (Non-U.S.) P&C, Global Specialty and Catastrophe. Effective January 1, 2013, the Life segment is referred to as Life and Health to reflect and includePartnerRe Health's results following its acquisition on December 31, 2012 and the Global (Non-U.S.) Specialty sub-segment is referred to as Global Specialty. Segments and sub-segments represent markets that are reasonably homogeneous in terms of geography, client types, buying patterns, underlying risk patterns and approach to risk management.

The North America sub-segment includes agriculture, casualty, credit/surety, motor, multiline, property and other risks generally originating in the United States. The Global (Non-U.S.) P&C sub-segment includes casualty, motor and property business generally originating outside of the United States. The Global Specialty sub-segment is comprised of business that is generally considered to be specialized due to the sophisticated technical underwriting required to analyze risks, and is global in nature. This sub-segment consists of several lines of business for which the Company believes it has developed specialized knowledge and underwriting capabilities. These lines of business include agriculture, aviation/space, credit/surety, energy, engineering, marine, specialty casualty, specialty property and other lines. The Catastrophe sub-segment is comprised of the Company's catastrophe line of business. The Life and Health segment includes mortality, longevity and accident and health lines of business. Corporate and Other is comprised of the capital markets and investment related activities of the Company, including principal finance transactions, insurance-linked securities and strategic investments, and its corporate activities, including other operating expenses.

Since the Company does not manage its assets by segment, net investment income is not allocated to the Non-life segment. However, because of the interest-sensitive nature of some of the Company's Life and Health products, net investment income is considered in Management's assessment of the profitability of the Life and Health segment. The following items are not considered in evaluating the results of the Non-life and Life and Health segments: net realized and unrealized investment gains and losses, interest expense, amortization of intangible assets, net foreign exchange gains and losses, income tax expense or benefit and interest in earnings and losses of equity investments. Segment results are shown before consideration of intercompany transactions.

Management measures results for the Non-life segment on the basis of the loss ratio, acquisition ratio, technical ratio, other operating expense ratio and combined ratio (all defined below). Management measures results for the Non-life sub-segments on the basis of the loss ratio, acquisition ratio and technical ratio. Management measures results for the Life and Health segment on the basis of the allocated underwriting result, which includes revenues from net premiums earned, other income or loss and allocated net investment income for Life and Health, and expenses from life policy benefits, acquisition costs and other operating expenses.

The following tables provide a summary of the segment results for the years endedDecember 31, 2013, 2012 and2011 (in millions of U.S. dollars, except ratios):

Segment Information
For the year ended December 31, 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	$	1,601		$	818		$	1,676		$	495		$	4,590		$	972	$	8	$	5,570
Net premiums written	$	1,587		$	811		$	1,579		$	450		$	4,427		$	964	$	6	$	5,397
(Increase) decrease in unearned premiums		(54)			(68)			(73)			3			(192)			(7)		—		(199)
Net premiums earned	$	1,533		$	743		$	1,506		$	453		$	4,235		$	957	$	6	$	5,198
Losses and loss expenses and
life policy benefits		(975)			(373)			(920)			(132)			(2,400)			(760)		2		(3,158)
Acquisition costs		(351)			(196)			(362)			(44)			(953)			(125)		0		(1,078)
Technical result	$	207		$	174		$	224		$	277		$	882		$	72	$	8	$	962
Other income														3			11		3		17
Other operating expenses														(259)			(71)		(170)		(500)
Underwriting result													$	626		$	12		n/a	$	479
Net investment income																	61		423		484
Allocated underwriting result (1)																$	73		n/a		n/a
Net realized and unrealized investment losses																			(161)		(161)
Interest expense																			(49)		(49)
Amortization of intangible assets																			(27)		(27)
Net foreign exchange losses																			(18)		(18)
Income tax expense																			(49)		(49)
Interest in earnings of equity investments																			14		14
Net income																			n/a	$	673
Loss ratio(2)		63.6	%		50.2	%		61.1	%		29.0	%		56.7	%
Acquisition ratio(3)		22.9			26.4			24.0			9.7			22.5
Technical ratio(4)		86.5	%		76.6	%		85.1	%		38.7	%		79.2	%
Other operating expense ratio(5)														6.1
Combined ratio(6)														85.3	%

_______________

(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 year ended December 31, 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	$	1,221		$	684		$	1,505		$	500		$	3,910		$	802	$	6	$	4,718
Net premiums written	$	1,219		$	681		$	1,415		$	453		$	3,768		$	799	$	6	$	4,573
(Increase) decrease in unearned premiums		(43)			(3)			(42)			4			(84)			(4)		1		(87)
Net premiums earned	$	1,176		$	678		$	1,373		$	457		$	3,684		$	795	$	7	$	4,486
Losses and loss expenses and
life policy benefits		(816)			(415)			(821)			(103)			(2,155)			(647)		(3)		(2,805)
Acquisition costs		(291)			(167)			(321)			(42)			(821)			(116)		0		(937)
Technical result	$	69		$	96		$	231		$	312		$	708		$	32	$	4	$	744
Other income														5			4		3		12
Other operating expenses														(257)			(52)		(102)		(411)
Underwriting result													$	456		$	(16)		n/a	$	345
Net investment income																	64		507		571
Allocated underwriting result																$	48		n/a		n/a
Net realized and unrealized investment gains																			494		494
Interest expense																			(49)		(49)
Amortization of intangible assets																			(32)		(32)
Net foreign exchange losses																			—		—
Income tax expense																			(204)		(204)
Interest in earnings of equity investments																			10		10
Net income																			n/a	$	1,135
Loss ratio		69.4	%		61.3	%		59.8	%		22.4	%		58.5	%
Acquisition ratio		24.7			24.6			23.4			9.3			22.3
Technical ratio		94.1	%		85.9	%		83.2	%		31.7	%		80.8	%
Other operating expense ratio														7.0
Combined ratio														87.8	%

Segment Information
For the year ended December 31, 2011
				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	$	1,104		$	682		$	1,446		$	599		$	3,831		$	790	$	12	$	4,633
Net premiums written	$	1,104		$	678		$	1,344		$	562		$	3,688		$	786	$	12	$	4,486
Decrease in unearned premiums		31			81			32			12			156			6		0		162
Net premiums earned	$	1,135		$	759		$	1,376		$	574		$	3,844		$	792	$	12	$	4,648
Losses and loss expenses and
life policy benefits		(741)			(567)			(950)			(1,459)			(3,717)			(650)		(6)		(4,373)
Acquisition costs		(276)			(191)			(328)			(26)			(821)			(117)		0		(938)
Technical result	$	118		$	1		$	98		$	(911)		$	(694)		$	25	$	6	$	(663)
Other income														4			1		3		8
Other operating expenses														(283)			(53)		(99)		(435)
Underwriting result													$	(973)		$	(27)		n/a	$	(1,090)
Net investment income																	66		563		629
Allocated underwriting result																$	39		n/a		n/a
Net realized and unrealized investment gains																			67		67
Interest expense																			(49)		(49)
Amortization of intangible assets																			(36)		(36)
Net foreign exchange gains																			34		34
Income tax expense																			(69)		(69)
Interest in losses of equity investments																			(6)		(6)
Net loss																			n/a	$	(520)
Loss ratio		65.3	%		74.7	%		69.1	%		254.2	%		96.7	%
Acquisition ratio		24.3			25.1			23.8			4.5			21.3
Technical ratio		89.6	%		99.8	%		92.9	%		258.7	%		118.0	%
Other operating expense ratio														7.4
Combined ratio														125.4	%

The following table provides the distribution of net premiums written by line of business for the years ended December 31, 2013, 2012 and 2011:

			2013		2012		2011
Non-life
	Property and casualty
		Casualty	12	%	13	%	11	%
		Motor	7		5		5
		Multiline and other	4		3		2
		Property	12		14		15
	Specialty
		Agriculture	11		7		7
		Aviation/Space	4		5		5
		Catastrophe	8		10		13
		Credit/Surety	6		7		7
		Energy	2		2		2
		Engineering	4		4		4
		Marine	6		7		6
		Specialty casualty	3		2		2
		Specialty property	3		4		3
Life and Health			18		17		18
Total			100	%	100	%	100	%

The following table provides the geographic distribution of gross premiums written based on the location of the underlying risk for the years ended December 31, 2013, 2012 and 2011:

	2013		2012		2011
Asia, Australia and New Zealand	11	%	11	%	12	%
Europe	40		41		41
Latin America, Caribbean and Africa	10		11		11
North America	39		37		36
Total	100	%	100	%	100	%

The Company produces its business both through brokers and through direct relationships with insurance company clients. None of the Company's cedants accounted for more than 5% of total gross premiums written during the years ended December 31, 2013, 2012 and 2011.

The Company had two brokers that individually accounted for 10% or more of its gross premiums written during the years ended December 31, 2013, 2012 and 2011. The brokers accounted for 22%, 24%, and 26% and 21%, 22%, and 21% of gross premiums written for the years ended December 31, 2013, 2012 and 2011, respectively.

The following table summarizes the percentage of gross premiums written through these two brokers by segment and sub-segment for the years ended December 31, 2013, 2012 and 2011:

		2013		2012		2011
Non-life
	North America	60	%	70	%	64	%
	Global (Non-U.S.) P&C	29		28		29
	Global Specialty	41		42		43
	Catastrophe	74		74		81
Life and Health		12		13		16