Segment Information (Tables)

12 Months Ended

Dec. 31, 2012

Segment Information
For the year ended December 31, 2012

					Global			Global						Total
		North			(Non-U.S.)			(Non-U.S.)						Non-life			Life		Corporate
		America			P&C			Specialty			Catastrophe			segment			segment		and Other		Total

Gross premiums written		$	1,221		$	684		$	1,505		$	500		$	3,910		$	802	$	6	$	4,718
Net premiums written		$	1,219		$	681		$	1,415		$	453		$	3,768		$	799	$	6	$	4,573
(Increase) decrease in unearned premiums			(43)			(3)			(42)			4			(84)			(4)		1		(87)
Net premiums earned		$	1,176		$	678		$	1,373		$	457		$	3,684		$	795	$	7	$	4,486
Losses and loss expenses and
life policy benefits			(816)			(415)			(821)			(103)			(2,155)			(647)		(3)		(2,805)
Acquisition costs			(291)			(167)			(321)			(42)			(821)			(116)		0		(937)
Technical result		$	69		$	96		$	231		$	312		$	708		$	32	$	4	$	744
Other income															5			4		3		12
Other operating expenses															(257)			(52)		(102)		(411)
Underwriting result														$	456		$	(16)		n/a	$	345
Net investment income																		64		507		571
Allocated underwriting result	⁽¹⁾																$	48		n/a		n/a
Net realized and unrealized investment gains																				494		494
Interest expense																				(49)		(49)
Amortization of intangible assets																				(32)		(32)
Net foreign exchange losses																				0		0
Income tax expense																				(204)		(204)
Interest in earnings of equity investments																				10		10
Net income																				n/a	$	1,135

Loss ratio ⁽²⁾			69.4	%		61.3	%		59.8	%		22.4	%		58.5	%
Acquisition ratio ⁽³⁾			24.7			24.6			23.4			9.3			22.3

Technical ratio ⁽⁴⁾			94.1	%		85.9	%		83.2	%		31.7	%		80.8	%
Other operating expense ratio ⁽⁵⁾															7.0

Combined ratio ⁽⁶⁾															87.8	%

_______________

(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 operating 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 operating expense ratio is obtained by dividing other operating expenses by net premiums earned.

(6) Combined ratio is defined as the sum of the technical ratio and the other operating expense ratio.

Segment Information
For the year ended December 31, 2011

				Global			Global						Total
	North			(Non-U.S.)			(Non-U.S.)						Non-life			Life		Corporate
	America			P&C			Specialty			Catastrophe			segment			segment		and Other		Total

Gross premiums written	$	1,104		$	682		$	1,446		$	599		$	3,831		$	790	$	12	$	4,633
Net premiums written	$	1,104		$	678		$	1,344		$	562		$	3,688		$	786	$	12	$	4,486
Decrease in unearned premiums		31			81			32			12			156			6		0		162
Net premiums earned	$	1,135		$	759		$	1,376		$	574		$	3,844		$	792	$	12	$	4,648
Losses and loss expenses and
life policy benefits		(741)			(567)			(950)			(1,459)			(3,717)			(650)		(6)		(4,373)
Acquisition costs		(276)			(191)			(328)			(26)			(821)			(117)		0		(938)
Technical result	$	118		$	1		$	98		$	(911)		$	(694)		$	25	$	6	$	(663)
Other income														4			1		3		8
Other operating expenses														(283)			(53)		(99)		(435)
Underwriting result													$	(973)		$	(27)		n/a	$	(1,090)
Net investment income																	66		563		629
Allocated underwriting result																$	39		n/a		n/a
Net realized and unrealized investment gains																			67		67
Interest expense																			(49)		(49)
Amortization of intangible assets																			(36)		(36)
Net foreign exchange gains																			34		34
Income tax expense																			(69)		(69)
Interest in losses of equity investments																			(6)		(6)
Net loss																			n/a	$	(520)

Loss ratio		65.3	%		74.7	%		69.1	%		254.2	%		96.7	%
Acquisition ratio		24.3			25.1			23.8			4.5			21.3

Technical ratio		89.6	%		99.8	%		92.9	%		258.7	%		118.0	%
Other operating expense ratio														7.4

Combined ratio														125.4	%

Segment Information
For the year ended December 31, 2010

				Global			Global						Total
	North			(Non-U.S.)			(Non-U.S.)						Non-life			Life		Corporate
	America			P&C			Specialty			Catastrophe			segment			segment		and Other		Total

Gross premiums written	$	1,028		$	909		$	1,479		$	716		$	4,132		$	749	$	4	$	4,885
Net premiums written	$	1,026		$	898		$	1,391		$	646		$	3,961		$	742	$	2	$	4,705
Decrease in unearned premiums		12			16			14			26			68			2		1		71
Net premiums earned	$	1,038		$	914		$	1,405		$	672		$	4,029		$	744	$	3	$	4,776
Losses and loss expenses and
life policy benefits		(577)			(702)			(985)			(393)			(2,657)			(624)		(3)		(3,284)
Acquisition costs		(288)			(227)			(292)			(49)			(856)			(116)		0		(972)
Technical result	$	173		$	(15)		$	128		$	230		$	516		$	4	$	0	$	520
Other income														5			2		3		10
Other operating expenses														(317)			(57)		(166)		(540)
Underwriting result													$	204		$	(51)		n/a	$	(10)
Net investment income																	71		602		673
Allocated underwriting result																$	20		n/a		n/a
Net realized and unrealized investment gains																			402		402
Interest expense																			(44)		(44)
Amortization of intangible assets																			(31)		(31)
Net foreign exchange losses																			(21)		(21)
Income tax expense																			(129)		(129)
Interest in earnings of equity investments																			13		13
Net income																			n/a	$	853

Loss ratio		55.6	%		76.8	%		70.0	%		58.5	%		65.9	%
Acquisition ratio		27.8			24.9			20.8			7.2			21.3

Technical ratio		83.4	%		101.7	%		90.8	%		65.7	%		87.2	%
Other operating expense ratio														7.8

Combined ratio														95.0	%

Segment line of business distribution of premiums table

			2012		2011		2010

Non-life
	Property and casualty
		Casualty	13	%	11	%	11	%
		Motor	5		5		7
		Multiline and other	3		2		2
		Property	14		15		18
	Specialty
		Agriculture	7		7		4
		Aviation/Space	5		5		5
		Catastrophe	10		13		14
		Credit/Surety	7		7		6
		Energy	2		2		2
		Engineering	4		4		4
		Marine	7		6		6
		Specialty casualty	2		2		3
		Specialty property	4		3		2
Life			17		18		16

Total			100	%	100	%	100	%

Segment geographic distribution of premiums table

	2012		2011		2010

Europe	41	%	41	%	43	%
North America	37		36		36
Asia, Australia and New Zealand	11		12		10
Latin America, Caribbean and Africa	11		11		11

Total	100	%	100	%	100	%

Segment disclosure for major brokers

		2012		2011		2010

Non-life
	North America	70	%	64	%	77	%
	Global (Non-U.S.) P&C	28		29		32
	Global (Non-U.S.) Specialty	42		43		37
	Catastrophe	74		81		70
Life		13		16		15

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

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