Schedule II - Condensed Financial Information of Registrant

12 Months Ended

Dec. 31, 2012

Condensed Financial Information Of Parent Company Only Disclosure [Abstract]

Condensed Financial Information Of Parent Company Only Disclosure [Text Block]

SCHEDULE II

CONDENSED FINANCIAL INFORMATION OF REGISTRANT

(U.S. dollars in thousands)		2012		2011
	ASSETS
Cash and cash equivalents			10,961		1,644
Amounts due from subsidiaries			-		80,841
Investments in subsidiaries on an equity basis			10,601,648		9,344,521
Other assets			3,241		3,797
	Total assets	$	10,615,850	$	9,430,803
	LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Amounts due to subsidiaries		$	86,012	$	-
Accounts payable and accrued liabilities			19,766		19,145
	Total liabilities	$	105,778	$	19,145
Commitments and Contingencies
Shareholders’ Equity:
Ordinary shares, 999,990,000 authorized, par value $0.01; issued and outstanding: (2012: 298,681,573; 2011: 315,645,796)		$	2,987	$	3,156
Additional paid in capital			8,584,753		8,938,679
Accumulated other comprehensive income			1,520,011		583,064
Retained earnings (deficit)			402,321		(113,241)
	Total shareholders’ equity	$	10,510,072	$	9,411,658
	Total liabilities and shareholders’ equity	$	10,615,850	$	9,430,803

			XL Group plc						XLIT Ltd. (1)
			Year Ended		Year Ended		July 1 to		January 1 to
			December 31,		December 31,		December 31,		June 30,
(U.S. dollars in thousands)			2012		2011		2010		2010
Net investment income			$	5	$	2	$	-	$	44,636
Realized investment gains (losses):
	Net realized gains (losses) on investments sold			-		-		-		25,177
	Other-than-temporary impairments on investments			-		-		-		(11,670)
	Other-than-temporary impairments on investments transferred to (from) other comprehensive income			-		-		-		4
	Total net realized gains (losses) on investments		$	-	$	-	$	-	$	13,511
Net realized and unrealized gains (losses) on derivative instruments				-		-		-		(4,087)
Equity in net earnings (losses) of subsidiaries (dividends were: 2012: nil; 2011: $183,029; and 2010: $197,326 and $448,400)				662,280		(400,612)		275,629		384,311
Equity in net earnings of affiliates				-		-		-		2
		Total revenues	$	662,285	$	(400,610)	$	275,629	$	438,373
Operating expenses			$	10,971	$	74,422	$	9,930	$	48,256
Foreign exchange (gains) losses				165		(275)		34		1,003
Interest expense				15		3		-		51,431
		Total expenses	$	11,151	$	74,150	$	9,964	$	100,690
Income (loss) before income tax				651,134		(474,760)		265,665		337,683
Provision for income tax				-		-		-		(202)
Net income (loss)			$	651,134	$	(474,760)	$	265,665	$	337,885
	Preference share dividends			-		-		-		(34,694)
	Gain on redemption of Redeemable Series C preference ordinary shares			-		-		-		16,616
Net income (loss) attributable to ordinary shareholders			$	651,134	$	(474,760)	$	265,665	$	319,807
Net income (loss)			$	651,134	$	(474,760)	$	265,665	$	337,885
Impact of adoption of new authoritative embedded derivative guidance, net of tax				-		-		31,917		-
Change in unrealized gains (losses) on investments, affiliates and other investments, net of tax				887,376		471,696		161,048		880,332
Change in OTTI losses recognized in other comprehensive income, net of tax				67,280		39,456		93,269		31,637
Change in underfunded pension liability				(9,985)		(2,622)		(6,186)		3,567
Change in value of cash flow hedge				439		439		219		220
Change in unrealized gains (losses) on future policy benefit reserves				-		-		-		(3,714)
Foreign currency translation adjustments				(8,163)		(26,700)		159,261		(108,308)
Comprehensive income (loss)			$	1,588,081	$	7,509	$	705,193	$	1,141,619

		XL Group plc						XLIT Ltd. (1)
		Year Ended		Year Ended		July 1 to		January 1 to
		December 31,		December 31,		December 31,		June 30,
(U.S. dollars in thousands)		2012		2011		2010		2010
Net income (loss)		$	651,134	$	(474,760)	$	265,665	$	337,885
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)
	Equity in (earnings) loss of subsidiaries		(662,280)		400,612		(275,629)		(384,311)
	Equity in net (income) of affiliates		-		-		-		(2)
	Share based compensation		47,472		41,225		22,157		21,901
	Amortization of premiums (discounts) on fixed maturities		-		-		-		(9,791)
	Accretion of notes payable and debt		-		-		-		341
	Accounts payable and accrued liabilities		-		-		-		(24,973)
	Amounts due to (from) subsidiaries		166,853		(205,893)		125,052		(183,273)
	Dividends received from subsidiaries		-		183,029		448,400		197,326
	Other		(3,296)		10,956		1,462		24,621
Total adjustments		$	(451,251)	$	429,929	$	321,442	$	(367,584)
Net cash provided by (used in) operating activities		$	199,883	$	(44,831)	$	587,107	$	(29,699)
Cash flows provided by (used in) investing activities:
	Proceeds from sale of fixed maturities and short-term investments	$	-	$	-	$	-	$	369,752
	Proceeds from redemption of fixed maturities and short-term investments		-		-		-		575,326
	Proceeds from sale of equity securities		-		-		-		238
	Purchases of fixed maturities and short-term investments		-		-		-		(919,840)
	Investment in subsidiaries		341,750		272,398		-		298,119
	Investment in affiliates		-		-		-		5
	Investment in limited partnerships		-		-		-		95
Net cash provided by (used in) investing activities		$	341,750	$	272,398	$	-	$	323,695
Cash flows provided by (used in) financing activities:
	Proceeds from issuance of ordinary shares and exercise of stock options	$	5,413	$	576,333	$	1,182	$	-
	Repurchase of Series E preference ordinary shares				-		-		(94,157)
	Dividends paid		(134,799)		(138,050)		(65,350)		(106,471)
	Buybacks of ordinary shares		(402,930)		(667,022)		(520,184)		(1,840)
Net cash provided by (used in) financing activities		$	(532,316)	$	(228,739)	$	(584,352)	$	(202,468)
Net change in cash and cash equivalents			9,317		(1,172)		2,755		91,528
Cash and cash equivalents - beginning of period			1,644		2,816		61		600,993
Cash and cash equivalents - end of period		$	10,961	$	1,644	$	2,816	$	692,521

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(1)As part of the Redomestication on July 1, 2010, XL-Cayman became a wholly-owned subsidiary of XL-Ireland, and as such, certain of the above financial data with respect to periods prior to the Redomestication are not comparable for periods subsequent to the Redomestication.

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(1)As part of the Redomestication on July 1, 2010, XL-Cayman became a wholly-owned subsidiary of XL-Ireland, and as such, certain of the above financial data with respect to periods prior to the Redomestication are not comparable for periods subsequent to the Redomestication.