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Segment Information (Tables)
3 Months Ended
Mar. 31, 2012
Schedule of Segment Reporting Information, by Segment [Table Text Block]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 2012
(U.S. dollars in thousands, except ratios)

 

Insurance

 

 

Reinsurance

 

 

Total P&C

 

 

Life
Operations

 

 

Total

 

 

 

   

 

   

 

   

 

   

 

   

Gross premiums written

 

$

1,336,634

 

 

$

980,350

 

 

$

2,316,984

 

 

$

86,683

 

 

$

2,403,667

 

Net premiums written

 

 

1,036,526

 

 

 

926,702

 

 

 

1,963,228

 

 

 

78,496

 

 

 

2,041,724

 

Net premiums earned

 

 

934,056

 

 

 

423,842

 

 

 

1,357,898

 

 

 

78,520

 

 

 

1,436,418

 

Net losses and loss expenses

 

 

(631,685

)

 

 

(222,380

)

 

 

(854,065

)

 

 

(121,307

)

 

 

(975,372

)

Acquisition costs

 

 

(128,256

)

 

 

(88,244

)

 

 

(216,500

)

 

 

(7,651

)

 

 

(224,151

)

Operating expenses (1)

 

 

(185,346

)

 

 

(38,747

)

 

 

(224,093

)

 

 

(2,607

)

 

 

(226,700

)

 

 

     

 

     

 

     

 

     

 

     

Underwriting profit (loss)

 

$

(11,231

)

 

$

74,471

 

 

$

63,240

 

 

$

(53,045

)

 

$

10,195

 

Net investment income

 

 

-

 

 

 

-

 

 

 

172,968

 

 

 

75,026

 

 

 

247,994

 

Net results from structured products (2)

 

 

2,819

 

 

 

2,498

 

 

 

5,317

 

 

 

-

 

 

 

5,317

 

Net fee income and other (3)

 

 

(2,020

)

 

 

333

 

 

 

(1,687

)

 

 

48

 

 

 

(1,639

)

Net realized gains (losses) on investments

 

 

 

 

 

 

 

 

 

 

24,967

 

 

 

(4,164

)

 

 

20,803

 

 

 

 

 

 

 

 

 

 

 

     

 

     

 

     

Contribution from P&C and Life Operations

 

 

 

 

 

 

 

 

 

$

264,805

 

 

$

17,865

 

 

$

282,670

 

 

 

 

 

 

 

 

 

 

 

     

 

     

 

 

 

 

Corporate & other:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized & unrealized gains (losses) on derivative instruments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

702

 

Net income (loss) from investment fund affiliates and operating affiliates (4)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

35,661

 

Exchange gains (losses)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(12,718

)

Corporate operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(44,260

)

Interest expense (5)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(27,320

)

Non-controlling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(36,557

)

Income tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(21,550

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     

Net income (loss) attributable to XL Group plc

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

176,628

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     

Ratios – P&C operations: (6)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss and loss expense ratio

 

 

67.6

%

 

 

52.5

%

 

 

62.9

%

 

 

 

 

 

 

 

 

Underwriting expense ratio

 

 

33.6

%

 

 

29.9

%

 

 

32.4

%

 

 

 

 

 

 

 

 

 

 

     

 

     

 

     

 

 

 

 

 

 

 

 

Combined ratio

 

 

101.2

%

 

 

82.4

%

 

 

95.3

%

 

 

 

 

 

 

 

 

 

 

     

 

     

 

     

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 2011
(U.S. dollars in thousands, except ratios)

 

Insurance

 

 

Reinsurance

 

 

Total P&C

 

 

Life
Operations

 

 

Total

 

 

 

   

 

   

 

   

 

   

 

   

Gross premiums written

 

$

1,222,349

 

 

$

876,771

 

 

$

2,099,120

 

 

$

97,659

 

 

$

2,196,779

 

Net premiums written

 

 

918,990

 

 

 

795,292

 

 

 

1,714,282

 

 

 

89,672

 

 

 

1,803,954

 

Net premiums earned

 

 

875,920

 

 

 

395,776

 

 

 

1,271,696

 

 

 

89,687

 

 

 

1,361,383

 

Net losses and loss expenses

 

 

(788,513

)

 

 

(420,352

)

 

 

(1,208,865

)

 

 

(133,231

)

 

 

(1,342,096

)

Acquisition costs

 

 

(107,644

)

 

 

(73,526

)

 

 

(181,170

)

 

 

(7,320

)

 

 

(188,490

)

Operating expenses (1)

 

 

(164,095

)

 

 

(45,630

)

 

 

(209,725

)

 

 

(2,166

)

 

 

(211,891

)

 

 

     

 

     

 

     

 

     

 

     

Underwriting profit (loss)

 

$

(184,332

)

 

$

(143,732

)

 

$

(328,064

)

 

$

(53,030

)

 

$

(381,094

)

Net investment income

 

 

-

 

 

 

-

 

 

 

183,565

 

 

 

76,976

 

 

 

260,541

 

Net results from structured products (2)

 

 

3,260

 

 

 

4,214

 

 

 

7,474

 

 

 

-

 

 

 

7,474

 

Net fee income and other (3)

 

 

(5,912

)

 

 

1,394

 

 

 

(4,518

)

 

 

41

 

 

 

(4,477

)

Net realized gains (losses) on investments

 

 

 

 

 

 

 

 

 

 

(26,886

)

 

 

(39,551

)

 

 

(66,437

)

 

 

 

 

 

 

 

 

 

 

     

 

     

 

     

Contribution from P&C and Life Operations

 

 

 

 

 

 

 

 

 

$

(168,429

)

 

$

(15,564

)

 

$

(183,993

)

 

 

 

 

 

 

 

 

 

 

     

 

     

 

 

 

 

Corporate & other:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized & unrealized gains (losses) on derivative instruments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,567

 

Net income (loss) from investment fund affiliates and operating affiliates (4)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

40,786

 

Exchange gains (losses)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(9,514

)

Corporate operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(35,692

)

Interest expense (5)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(41,899

)

Non-controlling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(33,336

)

Income tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

32,797

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     

Net income (loss) attributable to XL Group plc

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

(227,284

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     

 

Ratios – P&C operations: (6)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss and loss expense ratio

 

 

90.0

%

 

 

106.2

%

 

 

95.1

%

 

 

 

 

 

 

 

 

Underwriting expense ratio

 

 

31.0

%

 

 

30.1

%

 

 

30.7

%

 

 

 

 

 

 

 

 

 

 

     

 

     

 

     

 

 

 

 

 

 

 

 

Combined ratio

 

 

121.0

%

 

 

136.3

%

 

 

125.8

%

 

 

 

 

 

 

 

 

 

 

     

 

     

 

     

 

 

 

 

 

 

 

 

Schedule Of Net Premiums Earned By Line Of Business [Text Block]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 2012
(U.S. dollars in thousands)

 

Insurance

 

 

Reinsurance

 

 

Life
Operations

 

 

Total

 

 

 

   

 

   

 

   

 

   

P&C Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Casualty - professional lines

 

$

323,821

 

 

$

54,908

 

 

$

-

 

 

$

378,729

 

Casualty - other lines

 

 

167,357

 

 

 

73,238

 

 

 

-

 

 

 

240,595

 

Property catastrophe

 

 

-

 

 

 

102,925

 

 

 

-

 

 

 

102,925

 

Other property

 

 

133,419

 

 

 

135,743

 

 

 

-

 

 

 

269,162

 

Marine, energy, aviation and satellite

 

 

120,100

 

 

 

35,743

 

 

 

-

 

 

 

155,843

 

Other specialty lines (1)

 

 

184,034

 

 

 

-

 

 

 

-

 

 

 

184,034

 

Other (2)

 

 

5,325

 

 

 

21,285

 

 

 

-

 

 

 

26,610

 

 

 

     

 

     

 

     

 

     

Total P&C Operations

 

$

934,056

 

 

$

423,842

 

 

$

-

 

 

$

1,357,898

 

 

 

     

 

     

 

     

 

     

Life Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Life

 

 

-

 

 

 

-

 

 

 

47,063

 

 

 

47,063

 

Annuity

 

 

-

 

 

 

-

 

 

 

31,457

 

 

 

31,457

 

 

 

     

 

     

 

     

 

     

Total P&C Operations

 

$

-

 

 

$

-

 

 

$

78,520

 

 

$

78,520

 

 

 

     

 

     

 

     

 

     

Total

 

$

934,056

 

 

$

423,842

 

 

$

78,520

 

 

$

1,436,418

 

 

 

     

 

     

 

     

 

     

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 2011
(U.S. dollars in thousands)

 

Insurance

 

 

Reinsurance

 

 

Life
Operations

 

 

Total

 

 

 

   

 

   

 

   

 

   

P&C Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Casualty - professional lines

 

$

315,643

 

 

$

53,718

 

 

$

-

 

 

$

369,361

 

Casualty - other lines

 

 

156,704

 

 

 

51,043

 

 

 

-

 

 

 

207,747

 

Property catastrophe

 

 

-

 

 

 

94,564

 

 

 

-

 

 

 

94,564

 

Other property

 

 

106,921

 

 

 

136,243

 

 

 

-

 

 

 

243,164

 

Marine, energy, aviation and satellite

 

 

125,536

 

 

 

38,428

 

 

 

-

 

 

 

163,964

 

Other specialty lines (1)

 

 

168,666

 

 

 

-

 

 

 

-

 

 

 

168,666

 

Other (2)

 

 

2,450

 

 

 

21,780

 

 

 

-

 

 

 

24,230

 

 

 

     

 

     

 

     

 

     

Total P&C Operations

 

$

875,920

 

 

$

395,776

 

 

$

-

 

 

$

1,271,696

 

 

 

     

 

     

 

     

 

     

Life Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Life

 

 

-

 

 

 

-

 

 

 

56,764

 

 

 

56,764

 

Annuity

 

 

-

 

 

 

-

 

 

 

32,923

 

 

 

32,923

 

 

 

     

 

     

 

     

 

     

Total P&C Operations

 

$

-

 

 

$

-

 

 

$

89,687

 

 

$

89,687

 

 

 

     

 

     

 

     

 

     

Total

 

$

875,920

 

 

$

395,776

 

 

$

89,687

 

 

$

1,361,383