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Segment Information (Tables)
 12 Months Ended
Dec. 31, 2015
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]  
Segment reporting table
The segment results for the years ended December 31, 2015, 2014 and 2013, were as follows (in millions of U.S. dollars, except ratios):
Segment Information
For the year ended December 31, 2015
 
North
America
 
Global
(Non-U.S.)
P&C
 
Global
Specialty
 
Catastrophe
 
Total
Non-life
segment
 
Life
and Health
segment
 
Corporate
and Other
 
Total
Gross premiums written
$
1,604

 
$
735

 
$
1,556

 
$
382

 
$
4,277

 
$
1,271

 
$
—

 
$
5,548

Net premiums written
$
1,542

 
$
726

 
$
1,482

 
$
272

 
$
4,022

 
$
1,208

 
$
—

 
$
5,230

Decrease (increase) in unearned premiums
30

 
(33
)
 
29

 
12

 
38

 
1

 
—

 
39

Net premiums earned
$
1,572

 
$
693

 
$
1,511

 
$
284

 
$
4,060

 
$
1,209

 
$
—

 
$
5,269

Losses and loss expenses and life policy benefits
(881
)
 
(473
)
 
(785
)
 
(54
)
 
(2,193
)
 
(964
)
 
—

 
(3,157
)
Acquisition costs
(443
)
 
(189
)
 
(407
)
 
(25
)
 
(1,064
)
 
(153
)
 
—

 
(1,217
)
Technical result
$
248

 
$
31

 
$
319

 
$
205

 
$
803

 
$
92

 
$
—

 
$
895

Other income
 
 
 
 
 
 
 
 
—

 
6

 
3

 
9

Other expenses
 
 
 
 
 
 
 
 
(219
)
 
(63
)
 
(509
)
 
(791
)
Underwriting result
 
 
 
 
 
 
 
 
$
584

 
$
35

 
n/a

 
$
113

Net investment income
 
 
 
 
 
 
 
 
 
 
59

 
391

 
450

Allocated underwriting result (1)
 
 
 
 
 
 
 
 
 
 
$
94

 
n/a

 
n/a

Net realized and unrealized investment losses
 
 
 
 
 
 
 
 
 
 
 
 
(297
)
 
(297
)
Interest expense
 
 
 
 
 
 
 
 
 
 
 
 
(49
)
 
(49
)
Amortization of intangible assets
 
 
 
 
 
 
 
 
 
 
 
 
(27
)
 
(27
)
Net foreign exchange losses
 
 
 
 
 
 
 
 
 
 
 
 
(9
)
 
(9
)
Income tax expense
 
 
 
 
 
 
 
 
 
 
 
 
(80
)
 
(80
)
Interest in earnings of equity method investments
 
 
 
 
 
 
 
 
 
 
 
 
6

 
6

Net income
 
 
 
 
 
 
 
 
 
 
 
 
n/a

 
$
107

Loss ratio (2)
56.0
%
 
68.3
%
 
52.0
%
 
19.1
%
 
54.0
%
 
 
 
 
 
 
Acquisition ratio (3)
28.2

 
27.3

 
26.9

 
8.6

 
26.2

 
 
 
 
 
 
Technical ratio (4)
84.2
%
 
95.6
%
 
78.9
%
 
27.7
%
 
80.2
%
 
 
 
 
 
 
Other expense ratio (5)
 
 
 
 
 
 
 
 
5.4

 
 
 
 
 
 
Combined ratio (6)
 
 
 
 
 
 
 
 
85.6
%
 
 
 
 
 
 
 
 
(1)
Allocated underwriting result is defined as net premiums earned, other income or loss and allocated net investment income less life policy benefits, acquisition costs and other expenses.
(2)
Loss ratio is obtained by dividing losses and loss expenses by net premiums earned.
(3)
Acquisition ratio is obtained by dividing acquisition costs by net premiums earned.
(4)
Technical ratio is defined as the sum of the loss ratio and the acquisition ratio.
(5)
Other expense ratio is obtained by dividing other expenses by net premiums earned.
(6)
Combined ratio is defined as the sum of the technical ratio and the other expense ratio.
n/a: Not applicable
Segment Information
For the year ended December 31, 2014
 
North
America
 
Global
(Non-U.S.)
P&C
 
Global
Specialty
 
Catastrophe
 
Total
Non-life
segment
 
Life
and Health
segment
 
Corporate
and Other
 
Total
Gross premiums written
$
1,642

 
$
803

 
$
1,797

 
$
425

 
$
4,667

 
$
1,265

 
$
—

 
$
5,932

Net premiums written
$
1,630

 
$
794

 
$
1,696

 
$
380

 
$
4,500

 
$
1,220

 
$
—

 
$
5,720

(Increase) decrease in unearned premiums
(33
)
 
(26
)
 
(58
)
 
4

 
(113
)
 
2

 
—

 
(111
)
Net premiums earned
$
1,597

 
$
768

 
$
1,638

 
$
384

 
$
4,387

 
$
1,222

 
$
—

 
$
5,609

Losses and loss expenses and life policy benefits
(1,000
)
 
(438
)
 
(963
)
 
(62
)
 
(2,463
)
 
(1,000
)
 
—

 
(3,463
)
Acquisition costs
(401
)
 
(222
)
 
(400
)
 
(42
)
 
(1,065
)
 
(149
)
 
—

 
(1,214
)
Technical result
$
196

 
$
108

 
$
275

 
$
280

 
$
859

 
$
73

 
$
—

 
$
932

Other income
 
 
 
 
 
 
 
 
3

 
8

 
5

 
16

Other expenses
 
 
 
 
 
 
 
 
(252
)
 
(68
)
 
(130
)
 
(450
)
Underwriting result
 
 
 
 
 
 
 
 
$
610

 
$
13

 
n/a

 
$
498

Net investment income
 
 
 
 
 
 
 
 
 
 
60

 
420

 
480

Allocated underwriting result
 
 
 
 
 
 
 
 
 
 
$
73

 
n/a

 
n/a

Net realized and unrealized investment gains
 
 
 
 
 
 
 
 
 
 
 
 
372

 
372

Interest expense
 
 
 
 
 
 
 
 
 
 
 
 
(49
)
 
(49
)
Amortization of intangible assets
 
 
 
 
 
 
 
 
 
 
 
 
(27
)
 
(27
)
Net foreign exchange gains
 
 
 
 
 
 
 
 
 
 
 
 
18

 
18

Income tax expense
 
 
 
 
 
 
 
 
 
 
 
 
(239
)
 
(239
)
Interest in earnings of equity method investments
 
 
 
 
 
 
 
 
 
 
 
 
15

 
15

Net income
 
 
 
 
 
 
 
 
 
 
 
 
n/a

 
$
1,068

Loss ratio
62.6
%
 
57.0
%
 
58.8
%
 
16.1
%
 
56.1
%
 
 
 
 
 
 
Acquisition ratio
25.1

 
28.9

 
24.4

 
11.0

 
24.3

 
 
 
 
 
 
Technical ratio
87.7
%
 
85.9
%
 
83.2
%
 
27.1
%
 
80.4
%
 
 
 
 
 
 
Other expense ratio
 
 
 
 
 
 
 
 
5.8

 
 
 
 
 
 
Combined ratio
 
 
 
 
 
 
 
 
86.2
%
 
 
 
 
 
 

Segment Information
For the year ended December 31, 2013
 
North
America
 
Global
(Non-U.S.)
P&C
 
Global
Specialty
 
Catastrophe
 
Total
Non-life
segment
 
Life
and Health
segment
 
Corporate
and Other
 
Total
Gross premiums written
$
1,601

 
$
818

 
$
1,676

 
$
495

 
$
4,590

 
$
972

 
$
8

 
$
5,570

Net premiums written
$
1,587

 
$
811

 
$
1,579

 
$
450

 
$
4,427

 
$
964

 
$
6

 
$
5,397

(Increase) decrease in unearned premiums
(54
)
 
(68
)
 
(73
)
 
3

 
(192
)
 
(7
)
 
—

 
(199
)
Net premiums earned
$
1,533

 
$
743

 
$
1,506

 
$
453

 
$
4,235

 
$
957

 
$
6

 
$
5,198

Losses and loss expenses and life policy benefits
(975
)
 
(373
)
 
(920
)
 
(132
)
 
(2,400
)
 
(760
)
 
2

 
(3,158
)
Acquisition costs
(351
)
 
(196
)
 
(362
)
 
(44
)
 
(953
)
 
(125
)
 
—

 
(1,078
)
Technical result
$
207

 
$
174

 
$
224

 
$
277

 
$
882

 
$
72

 
$
8

 
$
962

Other income
 
 
 
 
 
 
 
 
3

 
11

 
3

 
17

Other expenses
 
 
 
 
 
 
 
 
(259
)
 
(71
)
 
(170
)
 
(500
)
Underwriting result
 
 
 
 
 
 
 
 
$
626

 
$
12

 
n/a

 
$
479

Net investment income
 
 
 
 
 
 
 
 
 
 
61

 
423

 
484

Allocated underwriting result
 
 
 
 
 
 
 
 
 
 
$
73

 
n/a

 
n/a

Net realized and unrealized investment losses
 
 
 
 
 
 
 
 
 
 
 
 
(161
)
 
(161
)
Interest expense
 
 
 
 
 
 
 
 
 
 
 
 
(49
)
 
(49
)
Amortization of intangible assets
 
 
 
 
 
 
 
 
 
 
 
 
(27
)
 
(27
)
Net foreign exchange losses
 
 
 
 
 
 
 
 
 
 
 
 
(18
)
 
(18
)
Income tax expense
 
 
 
 
 
 
 
 
 
 
 
 
(49
)
 
(49
)
Interest in earnings of equity method investments
 
 
 
 
 
 
 
 
 
 
 
 
14

 
14

Net income
 
 
 
 
 
 
 
 
 
 
 
 
n/a

 
$
673

Loss ratio
63.6
%
 
50.2
%
 
61.1
%
 
29.0
%
 
56.7
%
 
 
 
 
 
 
Acquisition ratio
22.9

 
26.4

 
24.0

 
9.7

 
22.5

 
 
 
 
 
 
Technical ratio
86.5
%
 
76.6
%
 
85.1
%
 
38.7
%
 
79.2
%
 
 
 
 
 
 
Other expense ratio
 
 
 
 
 
 
 
 
6.1

 
 
 
 
 
 
Combined ratio
 
 
 
 
 
 
 
 
85.3
%
 
 
 
 
 
 
Segment line of business distribution of premiums table
The following table provides the distribution of net premiums written by line of business for the years ended December 31, 2015, 2014 and 2013:
 
 
 
2015
 
2014
 
2013
Non-life
 
 
 
 
 
 
Property and casualty
 
 
 
 
 
 
Casualty
 
12
%
 
12
%
 
12
%
Motor
 
7

 
7

 
7

Multiline and other
 
7

 
5

 
4

Property
 
11

 
11

 
12

Specialty
 
 
 
 
 
 
Agriculture
 
11

 
12

 
11

Aviation/Space
 
4

 
4

 
4

Catastrophe
 
5

 
6

 
8

Credit/Surety
 
6

 
7

 
6

Energy
 
1

 
1

 
2

Engineering
 
3

 
3

 
4

Marine
 
4

 
5

 
6

Specialty casualty
 
3

 
3

 
3

Specialty property
 
3

 
3

 
3

Life and Health
 
23

 
21

 
18

Total
 
100
%
 
100
%
 
100
%
Segment geographic distribution of premiums table
The following table provides the geographic distribution of gross premiums written based on the location of the underlying risk for the years ended December 31, 2015, 2014 and 2013:
 
 
 
2015
 
2014
 
2013
Asia, Australia and New Zealand
 
12
%
 
11
%
 
11
%
Europe
 
37

 
40

 
40

Latin America, Caribbean and Africa
 
10

 
10

 
10

North America
 
41

 
39

 
39

Total
 
100
%
 
100
%
 
100
%
Segment disclosure for major brokers
The following table summarizes the percentage of gross premiums written through these two brokers by segment and sub-segment for the years ended December 31, 2015, 2014 and 2013:
 
 
 
2015
 
2014
 
2013
Non-life
 
 
 
 
 
 
North America
 
63
%
 
59
%
 
60
%
Global (Non-U.S.) P&C
 
28

 
31

 
29

Global Specialty
 
38

 
38

 
41

Catastrophe
 
75

 
70

 
74

Life and Health
 
16

 
12

 
12