XML 34 R73.htm IDEA: XBRL DOCUMENT v2.4.0.6
SEGMENT INFORMATION (Detail) - Statement of Earnings by Segment (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Gross premiums written $ 7,292,839 $ 6,673,269 $ 6,687,473
Net premiums written 5,795,750 5,381,663 5,276,564
Net premiums earned 5,690,130 5,414,061 5,706,840
Net losses and loss expenses (4,613,465) (3,725,633) (3,846,399)
Acquisition costs (826,411) (788,258) (853,558)
Operating expenses (869,292) [1] (828,159) [1] (895,736) [1]
Underwriting profit (loss) (619,038) 72,011 111,147
Net investment income 1,063,199 1,116,530 1,215,173
Net results from structured products 23,029 [2] 27,575 [3] 59,643 [4]
Net fee income and other (12,248) [5] (12,825) [5] (7,742) [5]
Net realized gains (losses) on investments (188,359) (270,803) (921,437)
Contribution from P&C, Life Operations and Corporate 266,583 932,488 456,784
Corporate & other:      
Net realized & unrealized gains (losses) on derivative instruments (10,738) (33,843) (33,647)
Net income (loss) from investment fund affiliates and operating affiliates 103,039 172,474 139,347
Exchange gains (losses) 40,640 10,161 (84,813)
Corporate operating expenses (159,158) (90,686) (107,877)
Interest expense (154,084) [6] (159,118) [6] (172,764) [6]
Non-controlling interest in net income (loss) of subsidiary (70,877) (39,831) 104
Loss on termination of guarantee   (23,500) 0
Impairment of goodwill (5) (429,020) [7] 0 0
Income taxes & other (61,145) (164,595) (122,143)
Net income attributable to XL Group plc (474,760) 603,550 74,991
Insurance Segment [Member]
     
Gross premiums written 4,824,665 4,418,380 4,251,888
Net premiums written 3,707,664 3,461,150 3,273,380
Net premiums earned 3,663,727 3,529,138 3,559,793
Net losses and loss expenses (2,951,413) (2,505,502) (2,399,747)
Acquisition costs (461,965) (418,146) (429,170)
Operating expenses (683,814) [1] (642,103) [1] (689,131) [1]
Underwriting profit (loss) (433,465) (36,613) 41,745
Net results from structured products 10,976 [2] 14,696 [3] 16,660 [4]
Net fee income and other (16,370) [5] (15,564) [5] (14,241) [5]
Corporate & other:      
Impairment of goodwill (5) (429,000)    
Ratios – P&C operations: (6)      
Loss and loss expense ratio 80.60% [8] 71.00% [8] 67.40% [8]
Underwriting expense ratio 31.20% [8] 30.00% [8] 31.40% [8]
Combined ratio 111.80% [8] 101.00% [8] 98.80% [8]
Reinsurance Segment [Member]
     
Gross premiums written 2,073,619 1,842,951 1,859,423
Net premiums written 1,725,724 1,538,438 1,470,332
Net premiums earned 1,663,385 1,501,999 1,591,946
Net losses and loss expenses (1,126,978) (706,298) (769,090)
Acquisition costs (324,128) (321,008) (346,699)
Operating expenses (176,167) [1] (175,586) [1] (190,596) [1]
Underwriting profit (loss) 36,112 299,107 285,561
Net results from structured products 12,053 [2] 3,075 [3] 26,374 [4]
Net fee income and other 3,903 [5] 2,488 [5] 6,209 [5]
Ratios – P&C operations: (6)      
Loss and loss expense ratio 67.80% [8] 47.00% [8] 48.30% [8]
Underwriting expense ratio 30.00% [8] 33.10% [8] 33.80% [8]
Combined ratio 97.80% [8] 80.10% [8] 82.10% [8]
Total P And C Segment [Member]
     
Gross premiums written 6,898,284 6,261,331 6,111,311
Net premiums written 5,433,388 4,999,588 4,743,712
Net premiums earned 5,327,112 5,031,137 5,151,739
Net losses and loss expenses (4,078,391) (3,211,800) (3,168,837)
Acquisition costs (786,093) (739,154) (775,869)
Operating expenses (859,981) [1] (817,689) [1] (879,727) [1]
Underwriting profit (loss) (397,353) 262,494 327,306
Net investment income 745,138 803,358 882,748
Net results from structured products 23,029 [2] 17,771 [3] 43,034 [4]
Net fee income and other (12,467) [5] (13,076) [5] (8,032) [5]
Net realized gains (losses) on investments (98,360) (206,877) (659,687)
Contribution from P&C, Life Operations and Corporate 259,987 863,670 585,369
Ratios – P&C operations: (6)      
Loss and loss expense ratio 76.60% [8] 63.80% [8] 61.50% [8]
Underwriting expense ratio 30.90% [8] 31.00% [8] 32.10% [8]
Combined ratio 107.50% [8] 94.80% [8] 93.60% [8]
Life Operations Segment [Member]
     
Gross premiums written 394,555 411,938 576,162
Net premiums written 362,362 382,075 532,852
Net premiums earned 363,018 382,924 555,101
Net losses and loss expenses (535,074) (513,833) (677,562)
Acquisition costs (40,318) (49,104) (77,689)
Operating expenses (9,311) [1] (10,470) [1] (16,009) [1]
Underwriting profit (loss) (221,685) (190,483) (216,159)
Net investment income 318,061 313,172 332,425
Net results from structured products 0 [2] 0 [3] 0 [4]
Net fee income and other 219 [5] 249 [5] 290 [5]
Net realized gains (losses) on investments (89,999) (54,444) (232,375)
Contribution from P&C, Life Operations and Corporate 6,596 68,494 (115,819)
Corporate Segment [Member]
     
Gross premiums written 0 0 0
Net premiums written 0 0 0
Net premiums earned 0 0 0
Net losses and loss expenses 0 0 0
Acquisition costs 0 0 0
Operating expenses 0 [1] 0 [1] 0 [1]
Underwriting profit (loss) 0 0 0
Net investment income 0 0 0
Net results from structured products 0 [2] 9,804 [3] 16,609 [4]
Net fee income and other 0 [5] 2 [5] 0 [5]
Net realized gains (losses) on investments 0 (9,482) (29,375)
Contribution from P&C, Life Operations and Corporate 0 324 (12,766)
Corporate & other:      
Net realized & unrealized gains (losses) on derivative instruments (10,738) (33,843) (33,647)
Net income (loss) from investment fund affiliates and operating affiliates 103,039 172,474 139,347
Exchange gains (losses) 40,640 10,161 (84,813)
Corporate operating expenses (159,158) (90,686) (107,877)
Interest expense (154,084) [6] (159,118) [6] (172,764) [6]
Non-controlling interest in net income (loss) of subsidiary (70,877) (39,831) 104
Loss on termination of guarantee   (23,500) 0
Impairment of goodwill (5) (429,020) [7]    
Income taxes & other $ (61,145) $ (164,595) $ (122,143)
[1] Operating expenses exclude Corporate operating expenses, shown separately.
[2] The net results from P&C structured products include net investment income, interest expense and operating expenses of $74.6 million, $51.5 million and nil, respectively.
[3] The net results from P&C and Corporate structured products include net investment income, interest expense and operating expenses of $69.0 million, $52.9 million and $1.6 million (credit) and $12.5 million, $1.7 million and $1.0 million, respectively.
[4] The net results from P&C and Corporate structured products include net investment income, interest expense and operating expenses of $79.3 million, $36.3 million and nil, and $25.3 million, $7.4 million and $1.3 million, respectively.
[5] Net fee income and other includes operating expenses from the Company's loss prevention consulting services business and expenses related to the cost of an endorsement facility with National Indemnity Company.
[6] Interest expense excludes interest expense related to deposit liabilities recorded in the Insurance and Reinsurance segments and Corporate.
[7] Represents goodwill impairment charges recorded in the fourth quarter of 2011, associated with the Company's insurance operations.
[8] Ratios are based on net premiums earned from P&C operations.