Balance sheet
Consolidated Balance Sheets as at 31 December 2012 and 2011 (US dollars in millions, except share amounts)
| |
2012 |
2011 |
| Assets |
|
|
| Investments |
|
|
| Fixed maturities, at fair value |
$5,603 |
$6,029 |
| Short-term investments, at fair value |
123 |
115 |
| Other investments |
5741 |
181 |
| Total investments |
6,300 |
6,325 |
| |
|
|
| Cash and cash equivalents |
2,474 |
2,063 |
| Accrued investment income |
37 |
39 |
| Premiums and other receivables |
1,838 |
1,679 |
| Reinsurance recoverable on unpaid losses (net of bad debts) |
1,400 |
1,188 |
| Reinsurance recoverable on paid losses |
103 |
29 |
| Reinsurers' share of unearned premiums |
466 |
286 |
| Deferred policy acquisition costs |
464 |
398 |
| Intangible assets and goodwill |
720 |
717 |
| Unsettled trades receivable |
4 |
55 |
| Other assets |
235 |
180 |
| Total assets |
$14,041 |
$12,959 |
| |
|
|
| Liabilities and Stockholders' equity |
|
|
| Liabilities |
|
|
| Reserves for losses and loss expenses |
$6,686 |
$6,467 |
| Unearned premiums |
2,552 |
2,119 |
| Reinsurance payable |
600 |
415 |
| Accounts payable and other liabilities |
371 |
301 |
| Subordinated debt |
92 |
91 |
| Unsettled trades payable |
43 |
66 |
| Deferred tax liability (net) |
185 |
202 |
| Total liabilities |
$10,529 |
$9,661 |
| |
|
|
| Stockholders' equity: |
|
|
| Common stock |
$4 |
$4 |
| Additional paid-in capital |
1,961 |
1,959 |
| Treasury stock |
(735) |
(105) |
| Accumulated other comprehensive loss |
(194) |
(226) |
| Retained earnings |
1,224 |
1,076 |
| Total common stockholders' equity |
2,922 |
2,708 |
| Non-controlling interest in preferred stock of consolidated subsidiary
| 590 |
590 |
| Total stockholders' equity
| 3,512 |
3,298 |
| Total liabilities and stockholders' equity |
$14,041 |
$12,959 |