Segment Information (Tables)

12 Months Ended

Dec. 31, 2013

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	%

Segment line of business distribution of premiums table

			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	%

Segment geographic distribution of premiums table

	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	%

Segment disclosure for major brokers

		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

- 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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