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Schedule II - Condensed Financial Information of Registrant
 12 Months Ended
Dec. 31, 2013
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Schedule II - Condensed financial information of registrant
SCHEDULE II
CONDENSED FINANCIAL INFORMATION OF REGISTRANT
CONDENSED BALANCE SHEETS – PARENT COMPANY ONLY
AT DECEMBER 31, 2013 AND 2012
(U.S. dollars in thousands)
2013
 
2012
ASSETS
 
 
 
Cash and cash equivalents
$
12,709

 
$
10,961

Investments in subsidiaries on an equity basis
10,187,614

 
10,601,653

Other assets
3,014

 
3,241

Total assets
$
10,203,337

 
$
10,615,855

LIABILITIES AND SHAREHOLDERS’ EQUITY
 
 
 
Liabilities:
 
 
 
Amounts due to subsidiaries
$
190,601

 
$
86,012

Accounts payable and accrued liabilities
15,103

 
19,766

Total liabilities
$
205,704

 
$
105,778

Commitments and Contingencies

 

Shareholders’ Equity:
 
 
 
Ordinary shares, 999,990,000 authorized, par value $0.01; issued and outstanding: (2013: 278,253,308; 2012: 298,681,573)
$
2,783

 
$
2,987

Additional paid in capital
7,994,100

 
8,584,752

Accumulated other comprehensive income
736,657

 
1,520,020

Retained earnings (deficit)
1,264,093

 
402,318

Total shareholders’ equity
$
9,997,633

 
$
10,510,077

Total liabilities and shareholders’ equity
$
10,203,337

 
$
10,615,855

See accompanying Notes to Condensed Financial Information of Registrant


XL GROUP PLC
SCHEDULE II
CONDENSED FINANCIAL INFORMATION OF REGISTRANT
STATEMENT OF INCOME AND COMPREHENSIVE INCOME – PARENT COMPANY ONLY
FOR THE YEARS ENDED DECEMBER 31, 2013, 2012 AND 2011
(U.S. dollars in thousands)
2013
 
2012
 
2011
Net investment income
$
24

 
$
5

 
$
2

Total revenues
$
24

 
$
5

 
$
2

Operating expenses
$
11,699

 
$
10,971

 
$
74,422

Foreign exchange (gains) losses
243

 
165

 
(275
)
Interest expense
2

 
15

 
3

Total expenses
$
11,944

 
$
11,151

 
$
74,150

Income (loss) before income tax
$
(11,920
)
 
$
(11,146
)
 
$
(74,148
)
Equity in net earnings (losses) of subsidiaries (dividends were: 2013: $617,719; 2012: nil; 2011: $183,029)
1,071,836

 
662,274

 
(400,612
)
Provision for income tax
—

 
—

 
—

Net income (loss) attributable to ordinary shareholders
$
1,059,916

 
$
651,128

 
$
(474,760
)
Net income (loss)
$
1,059,916

 
$
651,128

 
$
(474,760
)
Change in unrealized gains (losses) on investments, affiliates and other investments, net of tax
(772,287
)
 
887,377

 
471,696

Change in OTTI losses recognized in other comprehensive income, net of tax
32,181

 
67,280

 
39,456

Change in underfunded pension liability
11,162

 
(9,985
)
 
(2,622
)
Change in value of cash flow hedge
439

 
439

 
440

Foreign currency translation adjustments
(54,858
)
 
(8,156
)
 
(26,700
)
Comprehensive income (loss)
$
276,553

 
$
1,588,083

 
$
7,510

See accompanying Notes to Condensed Financial Information of Registrant

XL GROUP PLC
SCHEDULE II
CONDENSED FINANCIAL INFORMATION OF REGISTRANT
STATEMENT OF CASH FLOWS – PARENT COMPANY ONLY
FOR THE YEARS ENDED DECEMBER 31, 2013, 2012 AND 2011
(U.S. dollars in thousands)
2013
 
2012
 
2011
Net income (loss)
$
1,059,916

 
$
651,128

 
$
(474,760
)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
 
 
 
 
 
Equity in (earnings) loss of subsidiaries
(1,071,836
)
 
(662,274
)
 
400,612

Share based compensation
46,489

 
47,472

 
41,225

Amounts due to (from) subsidiaries
104,590

 
166,853

 
(205,893
)
Dividends received from subsidiaries
617,719

 
—

 
183,029

Other
(16,570
)
 
(3,296
)
 
10,956

Total adjustments
$
(319,608
)
 
$
(451,245
)
 
$
429,929

Net cash provided by (used in) operating activities
$
740,308

 
$
199,883

 
$
(44,831
)
Cash flows provided by (used in) investing activities:
 
 
 
 
 
Returns of capital from subsidiaries
$
84,589

 
$
341,750

 
$
272,398

Net cash provided by (used in) investing activities
$
84,589

 
$
341,750

 
$
272,398

Cash flows provided by (used in) financing activities:
 
 
 
 
 
Proceeds from issuance of ordinary shares and exercise of stock options
$
12,623

 
$
5,413

 
$
576,333

Dividends paid
(160,155
)
 
(134,799
)
 
(138,050
)
Buybacks of ordinary shares
(675,617
)
 
(402,930
)
 
(667,022
)
Net cash provided by (used in) financing activities
$
(823,149
)
 
$
(532,316
)
 
$
(228,739
)
Net change in cash and cash equivalents
1,748

 
9,317

 
(1,172
)
Cash and cash equivalents – beginning of period
10,961

 
1,644

 
2,816

Cash and cash equivalents – end of period
$
12,709

 
$
10,961

 
$
1,644

See accompanying Notes to Condensed Financial Information of Registrant

XL GROUP PLC
SCHEDULE II
CONDENSED FINANCIAL INFORMATION OF REGISTRANT
NOTES TO THE FINANCIAL STATEMENTS - PARENT COMPANY ONLY
FOR THE YEARS ENDED DECEMBER 31, 2013, 2012 AND 2011

1. Presentation
The condensed financial information of XL Group plc reflect its directly wholly-owned subsidiaries using the equity method of accounting. To facilitate period-to-period comparisons, certain reclassifications have been made to prior year condensed financial statement amounts to conform to the current year presentation. There has been no effect on net income from this change in presentation.
2. Dividends and Returns of Capital
For the indicated years ended December 31, XL Group plc received dividends and/or returns of capital from XLIT Ltd. a wholly-owned subsidiary.
(U.S. dollars in million)
2013
 
2012
 
2011
Dividends and returns of capital
$
702

 
$
342

 
$
455

3. Commitments and Guarantees
See Item 8, Note 17, “Commitments and Contingencies” to the Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2013.