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SCHEDULE IICONDENSED FINANCIAL INFORMATION OF REGISTRANTCONDENSED BALANCE SHEETS - PARENT COMPANY ONLY (Tables)
12 Months Ended
Dec. 31, 2011
Condensed Consolidated Balance Sheets [Table Text Block]

 

 

 

 

 

 

 

 

(U.S. dollars in thousands)

 

2011

 

2010

 

 

 


 


 

Assets

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,644

 

$

2,816

 

Amounts due from subsidiaries

 

 

80,841

 

 

 

Investments in subsidiaries on an equity basis

 

 

9,374,825

 

 

9,750,149

 

Other assets

 

 

3,797

 

 

901

 

 

 



 



 

Total assets

 

$

9,461,107

 

$

9,753,866

 

 

 



 



 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

Amounts due to subsidiaries (1)

 

$

 

$

125,052

 

Accounts payable and accrued liabilities

 

 

19,145

 

 

1,857

 

 

 



 



 

Total liabilities

 

$

19,145

 

$

126,909

 

 

 



 



 

Commitments and Contingencies

 

 

 

 

 

 

 

Shareholders’ Equity:

 

 

 

 

 

 

 

Ordinary shares, 999,990,000 authorized, par value $0.01 Issued and outstanding: (2011, 315,645,796; 2010, 316,396,289)

 

$

3,157

 

$

3,165

 

Additional paid in capital

 

 

8,955,702

 

 

9,009,220

 

Accumulated other comprehensive Income (loss)

 

 

583,064

 

 

100,795

 

Retained earnings (deficit)

 

 

(99,961

)

 

513,777

 

 

 



 



 

Total shareholders’ equity

 

$

9,441,962

 

$

9,626,957

 

 

 



 



 

Total liabilities and shareholders’ equity

 

$

9,461,107

 

$

9,753,866

 

 

 



 



 

Consolidated Statement Of Income And Comprehensive Income [Table Text Block]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

XL Group plc

 

XLIT Ltd. (1)

 

 

 


 


 

(U.S. dollars in thousands)

 

Year Ended
December 31,
2011

 

July 1 to
December 31,
2010

 

January 1 to
June 30,
2010

 

Year Ended
December 31,
2009

 

 

 



 



 



 



 

Net investment income

 

$

2

 

$

 

$

44,636

 

$

20,245

 

Realized investment gains (losses):

 

 

 

 

 

 

 

 

 

 

 

 

Net realized gains (losses) on investments sold

 

 

 

 

 

 

25,177

 

 

(5,453

)

Other-than-temporary impairments on investments

 

 

 

 

 

 

(11,670

)

 

(8,468

)

Other-than-temporary impairments on investments transferred to other comprehensive income

 

 

 

 

 

 

4

 

 

1,319

 

 

 



 



 



 



 

Total net realized gains (losses) on investments

 

 

 

 

 

 

13,511

 

 

(12,602

)

Net realized and unrealized gains (losses) on derivative instruments

 

 

 

 

 

 

(4,087

)

 

(8,830

)

Equity in net earnings (losses) of subsidiaries (Dividends were $183,029 in 2011 $197,326 and $448,400 in 2010 and $2,091,474 in 2009)

 

 

(400,612

)

 

275,629

 

 

384,311

 

 

310,490

 

Equity in net earnings of affiliates

 

 

 

 

 

 

 

2

 

 

1,221

 

 

 



 



 



 



 

Total revenues

 

$

(400,610

)

$

275,629

 

$

438,373

 

$

310,524

 

 

 



 



 



 



 

Operating expenses

 

 

74,422

 

 

9,930

 

 

48,256

 

 

107,211

 

Foreign exchange (gains) losses

 

 

(275

)

 

34

 

 

1,003

 

 

(122

)

Interest expense

 

 

3

 

 

 

 

51,431

 

 

122,662

 

 

 



 



 



 



 

Total expenses

 

$

74,150

 

$

9,964

 

$

100,690

 

$

229,751

 

 

 



 



 



 



 

Income (loss) before income tax

 

 

(474,760

)

 

265,665

 

 

337,683

 

 

80,773

 

Provision for income tax

 

 

 

 

 

 

(202

)

 

5,782

 

 

 



 



 



 



 

Net income (loss)

 

$

(474,760

)

$

265,665

 

$

337,885

 

$

74,991

 

Preference share dividends

 

 

 

 

 

 

(34,694

)

 

(80,200

)

Gain on redemption of Redeemable Series C preference ordinary shares

 

 

 

 

 

 

16,616

 

 

211,816

 

 

 



 



 



 



 

Net income (loss) attributable to ordinary shareholders

 

$

(474,760

)

$

265,665

 

$

319,807

 

$

206,607

 

 

 



 



 



 



 

Net income (loss)

 

$

(474,760

)

$

265,665

 

$

337,885

 

$

74,991

 

Impact of adoption of new authoritative OTTI guidance, net of taxes

 

 

 

 

 

 

 

 

(229,670

)

Impact of adoption of new authoritative embedded derivative guidance, net of taxes

 

 

 

 

31,917

 

 

 

 

 

Change in net unrealized gains (losses) on investment portfolio, net of tax

 

 

471,696

 

 

161,048

 

 

880,332

 

 

2,391,020

 

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

 

 

39,456

 

 

93,269

 

 

31,637

 

 

(123,343

)

Change in underfunded pension liability

 

 

(2,622

)

 

(6,186

)

 

3,567

 

 

(3,427

)

Change in value of cash flow hedge

 

 

439

 

 

219

 

 

220

 

 

438

 

Change in net unrealized gains (losses) on future policy benefit reserves

 

 

 

 

 

 

(3,714

)

 

6,554

 

Foreign currency translation adjustments

 

 

(26,700

)

 

159,261

 

 

(108,308

)

 

180,888

 

 

 



 



 



 



 

Comprehensive income (loss)

 

$

7,509

 

$

705,193

 

$

1,141,619

 

$

2,297,451

 

 

 



 



 



 



 

Condensed Statement Of Cash Flows [Table Text Block]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

XL Group plc

 

XLIT Ltd. (1)

 

 

 


 


 

(U.S. dollars in thousands)

 

Year Ended
December 31,
2011

 

July 1 to
December 31,
2010

 

January 1 to
June 30,
2010

 

Year Ended
December 31,
2009

 

 

 


 


 


 


 

Net income (loss)

 

$

(474,760

)

$

265,665

 

$

337,885

 

$

74,991

 

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized (gains) losses on investments and derivative instruments

 

 

 

 

 

 

(9,423

)

 

21,432

 

Equity in (earnings) loss of subsidiaries

 

 

400,612

 

 

(275,629

)

 

(384,311

)

 

(310,490

)

Equity in net (income) of affiliates

 

 

 

 

 

 

 

(2

)

 

(1,221

)

Share based compensation

 

 

29,377

 

 

15,705

 

 

15,586

 

 

32,231

 

Amortization of premiums (discounts) on fixed maturities

 

 

 

 

 

 

(9,791

)

 

221

 

Accretion of notes payable and debt

 

 

 

 

 

 

341

 

 

681

 

Accounts payable and accrued liabilities

 

 

 

 

 

 

(24,973

)

 

(57,806

)

Amounts due to (from) subsidiaries

 

 

(205,893

)

 

125,052

 

 

(183,273

)

 

(3,259,462

)

Dividends received from subsidiaries

 

 

183,029

 

 

448,400

 

 

197,326

 

 

2,091,474

 

Other

 

 

22,804

 

 

7,914

 

 

30,936

 

 

17,432

 

 

 



 



 



 



 

Total adjustments

 

 

429,929

 

 

321,442

 

 

(367,584

)

 

(1,465,508

)

 

 



 



 



 



 

Net cash provided by (used in) operating activities

 

$

(44,831

)

$

587,107

 

$

(29,699

)

$

(1,390,517

)

 

 



 



 



 



 

Cash flows provided by (used in) investing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from sale of fixed maturities and short-term investments

 

$

 

$

 

$

369,752

 

$

245,629

 

Proceeds from redemption of fixed maturities and short-term investments

 

 

 

 

 

 

575,326

 

 

2,860,755

 

Proceeds from sale of equity securities

 

 

 

 

 

 

238

 

 

 

Purchases of fixed maturities and short term investments

 

 

 

 

 

 

(919,840

)

 

(4,475,472

)

Investment in subsidiaries

 

 

272,398

 

 

 

 

298,119

 

 

1,955,045

 

Investment in affiliates

 

 

 

 

 

 

5

 

 

1,743

 

Investment in limited partnerships

 

 

 

 

 

 

95

 

 

347

 

 

 



 



 



 



 

Net cash provided by (used in) investing activities

 

$

272,398

 

$

 

$

323,695

 

$

588,047

 

 

 



 



 



 



 

Cash flows provided by (used in) financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from issuance of ordinary shares and exercise of stock options

 

$

576,333

 

$

1,182

 

$

 

$

745,000

 

Repurchase of Series E preference ordinary shares

 

 

 

 

 

 

(94,157

)

 

(104,718

)

Dividends paid

 

 

(138,050

)

 

(65,350

)

 

(106,471

)

 

(225,008

)

Buybacks of ordinary shares

 

 

(667,022

)

 

(520,184

)

 

(1,840

)

 

(626

)

Repayment of debt

 

 

 

 

 

 

 

 

(745,000

)

 

 



 



 



 



 

Net cash provided by (used in) financing activities

 

$

(228,739

)

$

(584,352

)

$

(202,468

)

$

(330,352

)

 

 



 



 



 



 

Net change in cash and cash equivalents

 

 

(1,172

)

 

2,755

 

 

91,528

 

 

(1,132,822

)

 

 



 



 



 



 

Cash and cash equivalents – beginning of period

 

 

2,816

 

 

61

 

 

600,993

 

 

1,733,815

 

 

 



 



 



 



 

Cash and cash equivalents – end of period

 

$

1,644

 

$

2,816

 

$

692,521

 

$

600,993