CONSOLIDATED BALANCE SHEETS (USD $) In Thousands, unless otherwise specified	Mar. 31, 2012		Dec. 31, 2011
ASSETS
Fixed maturities, at fair value (amortized cost: 2012: $26,695,459; 2011: $25,771,715)	$ 27,291,662	[1]	$ 26,190,025	[1],[2]
Equity securities, at fair value (cost: 2012: $593,168; 2011: $480,685)	631,068	[3]	468,197	[3]
Short-term investments, at fair value (amortized cost: 2012: $212,393; 2011: $359,378)	212,327		359,063
Total investments available for sale	28,135,057		27,017,285
Fixed maturities, held to maturity at amortized cost (fair value: 2012: $2,994,429; 2011, $2,895,688)	2,769,800		2,668,978
Investments in affiliates	1,000,989		1,052,729
Other investments	1,160,497		985,262
Total investments	33,066,343		31,724,254
Cash and cash equivalents	2,506,318		3,825,125
Accrued investment income	335,376		331,758
Deferred acquisition costs	737,706		647,113
Ceded unearned premiums	650,201		596,895
Premiums receivable	3,021,121		2,411,611
Reinsurance balances receivable	259,897		220,017
Unpaid losses and loss expenses recoverable	3,440,919		3,654,948
Receivable from investments sold	17,556		59,727
Goodwill and other intangible assets	408,878		407,321
Deferred tax asset	107,651		115,601
Other assets	547,044		610,803
Total assets	45,099,010		44,605,173
Liabilities:
Unpaid losses and loss expenses	20,340,306		20,613,901
Deposit liabilities	1,590,188		1,608,108
Future policy benefit reserves	4,929,063		4,845,394
Unearned premiums	4,250,821		3,555,310
Notes payable and debt	1,674,653		2,275,327
Reinsurance balances payable	336,605		90,552
Payable for investments purchased	54,155		58,494
Deferred tax liability	101,118		91,104
Other liabilities	767,612		710,853
Total liabilities	34,044,521		33,849,043
Commitments and Contingencies
Shareholders’ Equity:
Ordinary shares, 999,990,000 authorized, par value $0.01; issued and outstanding: (2012: 311,667,649; 2011: 315,645,796)	3,117		3,156
Additional paid in capital	8,846,832		8,938,679
Accumulated other comprehensive income	831,516		583,064
Retained earnings (deficit)	28,557		(113,241)
Shareholders’ equity attributable to XL Group plc	9,710,022		9,411,658
Non-controlling interest in equity of consolidated subsidiaries	1,344,467		1,344,472
Total shareholders’ equity	11,054,489		10,756,130
Total liabilities and shareholders’ equity	$ 45,099,010		$ 44,605,173

[1] Included in the table above are Tier One and Upper Tier Two securities, representing committed term debt and hybrid instruments, which are senior to the common and preferred equities of the financial institutions, at their fair value of $411.2 million and $386.1 million at March 31, 2012 and December 31, 2011, respectively. These securities are reflected in the table based on their call date and have net unrealized losses of $78.1 million and $108.8 million at March 31, 2012 and December 31, 2011, respectively.

[2] The Company invests in covered bonds issued by financial institutions ("Covered Bonds"). Covered Bonds are senior secured debt instruments issued by financial institutions and backed by over-collateralized pools of public sector or mortgage loans. During the three months ended March 31, 2012, Covered Bonds within Total fixed maturities with a fair value of $415.5 million, have been included within Other asset-backed securities to align the Company's classification to market indices. At December 31, 2011 Covered Bonds within Total fixed maturities with a fair value of $353.9 million, have been reclassified from Corporate to Other asset-backed securities to conform to current period presentation.

[3] Included within equity securities are investments in fixed income funds of $98.0 million and $91.6 million at March 31, 2012 and December 31, 2011, respectively.