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Schedule II - Condensed Financial Information of Registrant
 12 Months Ended
Dec. 31, 2014
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, 2014 AND 2013
(U.S. dollars in thousands)
2014
 
2013
ASSETS
 
 
 
Cash and cash equivalents
$
22,443

 
$
12,709

Investments in subsidiaries on an equity basis
10,195,445

 
10,187,614

Other assets
3,017

 
3,014

Total assets
$
10,220,905

 
$
10,203,337

LIABILITIES AND SHAREHOLDERS’ EQUITY
 
 
 
Liabilities:
 
 
 
Amounts due to subsidiaries
$
166,782

 
$
190,601

Accounts payable and accrued liabilities
20,371

 
15,103

Total liabilities
$
187,153

 
$
205,704

Commitments and Contingencies

 

Shareholders’ Equity:
 
 
 
Ordinary shares, 999,990,000 authorized, par value $0.01; issued and outstanding: (2014: 255,182,955; 2013: 278,253,308)
$
2,552

 
$
2,783

Additional paid in capital
7,359,102

 
7,994,100

Accumulated other comprehensive income
1,484,458

 
736,657

Retained earnings (deficit)
1,187,640

 
1,264,093

Total shareholders’ equity
$
10,033,752

 
$
9,997,633

Total liabilities and shareholders’ equity
$
10,220,905

 
$
10,203,337

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, 2014, 2013 AND 2012
(U.S. dollars in thousands)
2014
 
2013
 
2012
Net investment income
$
275

 
$
24

 
$
5

Total revenues
$
275


$
24


$
5

Operating expenses
$
9,646

 
$
11,699

 
$
10,971

Foreign exchange (gains) losses
127

 
243

 
165

Interest expense
5

 
2

 
15

Total expenses
$
9,778


$
11,944


$
11,151

Income (loss) before income tax
$
(9,503
)
 
$
(11,920
)
 
$
(11,146
)
Equity in net earnings (losses) of subsidiaries (dividends were: 2014: $858,521; 2013: $617,719; 2012: nil)
197,843

 
1,071,836

 
662,274

Net income (loss) attributable to ordinary shareholders
$
188,340


$
1,059,916


$
651,128

Net income (loss)
$
188,340


$
1,059,916


$
651,128

Change in net unrealized gains (losses) on investments - excluding Life Funds Withheld Assets, net of tax
434,051

 
(750,755
)
 
834,601

Unrealized gains on held to maturity investment portfolio at time of transfer to available for sale, net of tax
424,861

 
—

 
—

Change in adjustments related to future policy benefit reserves, net of tax
(400,456
)
 
(44,660
)
 
—

Change in net unrealized gains (losses) on investments - Life Funds Withheld Assets, net of tax
274,083

 
—

 
—

Change in net unrealized gains (losses) on affiliate and investments, net of tax
35,143

 
26,637

 
46,162

Change in OTTI losses recognized in other comprehensive income, net of tax
13,143

 
32,181

 
67,280

Change in underfunded pension liability
(7,550
)
 
7,653

 
(3,371
)
Change in value of cash flow hedge
255

 
439

 
439

Foreign currency translation adjustments
(25,729
)
 
(54,858
)
 
(8,156
)
Comprehensive income (loss)
$
936,141

 
$
276,553

 
$
1,588,083

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, 2014, 2013 AND 2012
(U.S. dollars in thousands)
2014
 
2013
 
2012
Net income (loss)
$
188,340

 
$
1,059,916

 
$
651,128

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
 
 
 
 
 
Equity in (earnings) loss of subsidiaries
(197,843
)
 
(1,071,836
)
 
(662,274
)
Share based compensation
81,287

 
46,489

 
47,472

Amounts due to (from) subsidiaries
(23,819
)
 
104,590

 
166,853

Dividends received from subsidiaries
858,521

 
617,719

 
—

Other
(10,632
)
 
(16,570
)
 
(3,296
)
Total adjustments
$
707,514

 
$
(319,608
)
 
$
(451,245
)
Net cash provided by (used in) operating activities
$
895,854

 
$
740,308

 
$
199,883

Cash flows provided by (used in) investing activities:
 
 
 
 
 
Returns of capital from subsidiaries
$
79,086

 
$
84,589

 
$
341,750

Net cash provided by (used in) investing activities
$
79,086

 
$
84,589

 
$
341,750

Cash flows provided by (used in) financing activities:
 
 
 
 
 
Proceeds from issuance of ordinary shares and exercise of stock options
$
6,367

 
$
12,623

 
$
5,413

Dividends paid
(169,620
)
 
(160,155
)
 
(134,799
)
Buybacks of ordinary shares
(801,953
)
 
(675,617
)
 
(402,930
)
Net cash provided by (used in) financing activities
$
(965,206
)
 
$
(823,149
)
 
$
(532,316
)
Net change in cash and cash equivalents
9,734

 
1,748

 
9,317

Cash and cash equivalents – beginning of period
12,709

 
10,961

 
1,644

Cash and cash equivalents – end of period
$
22,443

 
$
12,709

 
$
10,961

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, 2014, 2013 AND 2012

1. Presentation
The condensed financial information of XL Group plc reflects 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)
2014
 
2013
 
2012
Dividends and returns of capital
$
940

 
$
702

 
$
342

3. Commitments and Guarantees
See Item 8, Note 19, “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, 2014.