2017 Q4 Form 10-Q Financial Statement

#000089615917000020 Filed on November 01, 2017

View on sec.gov

Income Statement

Concept 2017 Q4 2017 Q3 2016 Q3
Revenue $8.015B $8.610B $8.527B
YoY Change -1.87% 0.97% 75.06%
Cost Of Revenue $4.272B $6.247B $4.269B
YoY Change 10.82% 46.33% 61.52%
Gross Profit $3.743B $2.363B $4.258B
YoY Change -13.22% -44.5% 91.11%
Gross Profit Margin 46.7% 27.44% 49.94%
Selling, General & Admin $748.0M $720.0M $774.0M
YoY Change 4.03% -6.98% 34.84%
% of Gross Profit 19.98% 30.47% 18.18%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $66.00M $1.488B $1.514B
YoY Change 2100.0% -1.72% 96.37%
% of Gross Profit 1.76% 62.97% 35.56%
Operating Expenses $6.759B $8.689B $6.716B
YoY Change 9.81% 29.38% 62.5%
Operating Profit -$3.016B -$6.326B -$2.458B
YoY Change 63.74% 157.36% 29.03%
Interest Expense -$40.00M -$47.00M -$73.00M
YoY Change -366.67% -35.62% 231.82%
% of Operating Profit
Other Income/Expense, Net -$15.00M -$3.000M -$8.000M
YoY Change -11.76% -62.5% -33.33%
Pretax Income $1.151B -$155.0M $1.637B
YoY Change -38.42% -109.47% 148.03%
Income Tax $68.00M -$85.00M $277.0M
% Of Pretax Income 5.91% 16.92%
Net Earnings $1.533B -$70.00M $1.360B
YoY Change -4.78% -105.15% 157.58%
Net Earnings / Revenue 19.13% -0.81% 15.95%
Basic Earnings Per Share $3.29 -$0.15 $2.90
Diluted Earnings Per Share $3.27 -$0.15 $2.88
COMMON SHARES
Basic Shares Outstanding 464.2M shares 466.4M shares 468.0M shares
Diluted Shares Outstanding 466.4M shares 471.4M shares

Balance Sheet

Concept 2017 Q4 2017 Q3 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $728.0M $1.088B $870.0M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $1.300B
YoY Change 8.33%
Goodwill $15.54B $15.71B $15.48B
YoY Change 1.36% 1.46%
Intangibles $6.513B $6.558B $6.991B
YoY Change -3.7% -6.19%
Long-Term Investments $103.1B $103.1B $101.7B
YoY Change 3.35% 1.35% 61.33%
Other Assets $0.00
YoY Change -100.0%
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $167.0B $167.6B $161.8B
YoY Change 4.53% 3.56% 65.52%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.545B $9.173B $9.748B
YoY Change 10.77% -5.9% 63.09%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $1.013B $1.020B $500.0M
YoY Change 102.6% 104.0% -76.22%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $16.43B $16.02B $15.13B
YoY Change 11.33% 5.86% 22.98%
LONG-TERM LIABILITIES
Long-Term Debt $11.86B $11.87B $12.93B
YoY Change -8.16% -8.21% 189.5%
Other Long-Term Liabilities $550.0M $635.0M -$1.166B
YoY Change -35.52% -154.46% -214.65%
Total Long-Term Liabilities $12.41B $12.50B $11.76B
YoY Change -9.85% 6.28% 114.54%
TOTAL LIABILITIES
Total Short-Term Liabilities $16.43B $16.02B $15.13B
Total Long-Term Liabilities $12.41B $12.50B $11.76B
Total Liabilities $115.9B $117.1B $113.4B
YoY Change 3.89% 3.23% 65.28%
SHAREHOLDERS EQUITY
Retained Earnings $27.47B $25.94B $22.00B
YoY Change 16.35% 17.9% 17.07%
Common Stock $25.10B $25.34B $11.12B
YoY Change -5.13% 127.84% 41.98%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.944B $1.877B $1.550B
YoY Change 31.35% 21.1% -21.48%
Treasury Stock Shares 15.95M shares 15.63M shares 14.50M shares
Shareholders Equity $51.17B $50.47B $48.37B
YoY Change
Total Liabilities & Shareholders Equity $167.0B $167.6B $161.8B
YoY Change 4.53% 3.56% 65.52%

Cashflow Statement

Concept 2017 Q4 2017 Q3 2016 Q3
OPERATING ACTIVITIES
Net Income $1.533B -$70.00M $1.360B
YoY Change -4.78% -105.15% 157.58%
Depreciation, Depletion And Amortization $66.00M $1.488B $1.514B
YoY Change 2100.0% -1.72% 96.37%
Cash From Operating Activities $1.092B $1.771B $1.684B
YoY Change -24.95% 5.17% 108.42%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$1.081B -$1.464B -$1.602B
YoY Change 3.84% -8.61% 295.56%
Cash From Investing Activities -$1.081B -$1.464B -$1.602B
YoY Change 3.84% -8.61% 295.56%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -349.0M -527.0M -241.0M
YoY Change 50.43% 118.67% 104.24%
NET CHANGE
Cash From Operating Activities 1.092B 1.771B 1.684B
Cash From Investing Activities -1.081B -1.464B -1.602B
Cash From Financing Activities -349.0M -527.0M -241.0M
Net Change In Cash -338.0M -220.0M -159.0M
YoY Change -285.71% 38.36% -155.79%
FREE CASH FLOW
Cash From Operating Activities $1.092B $1.771B $1.684B
Capital Expenditures
Free Cash Flow
YoY Change

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CY2016Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Fair Value
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CY2017Q3 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionFairValue
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CY2016Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
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959000000 USD
CY2017Q3 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
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CY2016Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Less Than Twelve Months Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue
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CY2017Q3 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Less Than Twelve Months Fair Value
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22243000000 USD
CY2016Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or Longer Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionTwelveMonthsOrLongerFairValue
1310000000 USD
CY2017Q3 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or Longer Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionTwelveMonthsOrLongerFairValue
3926000000 USD
CY2016Q4 us-gaap Available For Sale Securities Debt Maturities After Five Through Ten Years Amortized Cost
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CY2017Q3 us-gaap Available For Sale Securities Debt Maturities After Five Through Ten Years Amortized Cost
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CY2016Q4 us-gaap Available For Sale Securities Debt Maturities After Five Through Ten Years Fair Value
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CY2017Q3 us-gaap Available For Sale Securities Debt Maturities After Five Through Ten Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterFiveThroughTenYearsFairValue
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CY2016Q4 us-gaap Available For Sale Securities Debt Maturities After One Through Five Years Amortized Cost
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CY2017Q3 us-gaap Available For Sale Securities Debt Maturities After One Through Five Years Amortized Cost
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CY2016Q4 us-gaap Available For Sale Securities Debt Maturities After One Through Five Years Fair Value
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CY2017Q3 us-gaap Available For Sale Securities Debt Maturities After One Through Five Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue
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CY2016Q4 us-gaap Available For Sale Securities Debt Maturities After Ten Years Amortized Cost
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CY2017Q3 us-gaap Available For Sale Securities Debt Maturities After Ten Years Amortized Cost
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CY2016Q4 us-gaap Available For Sale Securities Debt Maturities After Ten Years Fair Value
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CY2017Q3 us-gaap Available For Sale Securities Debt Maturities After Ten Years Fair Value
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CY2016Q4 us-gaap Available For Sale Securities Debt Maturities Within One Year Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearAmortizedCost
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CY2017Q3 us-gaap Available For Sale Securities Debt Maturities Within One Year Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearAmortizedCost
3532000000 USD
CY2016Q4 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
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CY2017Q3 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
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CY2016Q4 us-gaap Available For Sale Securities Debt Maturities Without Single Maturity Date Amortized Cost
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14066000000 USD
CY2017Q3 us-gaap Available For Sale Securities Debt Maturities Without Single Maturity Date Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesWithoutSingleMaturityDateAmortizedCost
15369000000 USD
CY2016Q4 us-gaap Available For Sale Securities Debt Maturities Without Single Maturity Date Fair Value
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14007000000 USD
CY2017Q3 us-gaap Available For Sale Securities Debt Maturities Without Single Maturity Date Fair Value
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15411000000 USD
CY2016Q4 us-gaap Available For Sale Securities Debt Securities
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CY2017Q3 us-gaap Available For Sale Securities Debt Securities
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CY2016Q4 us-gaap Available For Sale Securities Equity Securities
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814000000 USD
CY2017Q3 us-gaap Available For Sale Securities Equity Securities
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910000000 USD
CY2016Q3 us-gaap Benefits Losses And Expenses
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6890000000 USD
us-gaap Benefits Losses And Expenses
BenefitsLossesAndExpenses
20220000000 USD
CY2017Q3 us-gaap Benefits Losses And Expenses
BenefitsLossesAndExpenses
8765000000 USD
us-gaap Benefits Losses And Expenses
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21657000000 USD
CY2016Q3 us-gaap Business Combination Integration Related Costs
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115000000 USD
us-gaap Business Combination Integration Related Costs
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361000000 USD
CY2017Q3 us-gaap Business Combination Integration Related Costs
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50000000 USD
us-gaap Business Combination Integration Related Costs
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233000000 USD
us-gaap Cash Acquired From Acquisition
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71000000 USD
us-gaap Cash Acquired From Acquisition
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CY2015Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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1775000000 USD
CY2016Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
870000000 USD
CY2016Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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985000000 USD
CY2017Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1088000000 USD
us-gaap Cash And Cash Equivalents Period Increase Decrease
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us-gaap Cash And Cash Equivalents Period Increase Decrease
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103000000 USD
us-gaap Cash Dividends Paid To Parent Company
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us-gaap Cash Dividends Paid To Parent Company
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CY2016Q4 us-gaap Commitments And Contingencies
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USD
CY2017Q3 us-gaap Commitments And Contingencies
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CY2016Q3 us-gaap Common Stock Dividends Per Share Declared
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0.69
CY2016Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.67
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
2.01
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
2.05
CY2017Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.68
CY2017Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.71
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
2.06
us-gaap Common Stock Dividends Per Share Declared
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2.11
CY2016Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
24.15
CY2017Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
24.15
CY2016Q4 us-gaap Common Stock Shares Issued
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CY2017Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
479783864 shares
CY2016Q4 us-gaap Common Stock Shares Outstanding
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CY2017Q3 us-gaap Common Stock Shares Outstanding
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CY2017Q3 us-gaap Common Stock Value
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CY2016Q3 us-gaap Comprehensive Income Net Of Tax
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us-gaap Comprehensive Income Net Of Tax
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CY2017Q3 us-gaap Comprehensive Income Net Of Tax
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us-gaap Comprehensive Income Net Of Tax
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CY2016Q4 us-gaap Deferred Income Tax Liabilities Net
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CY2017Q3 us-gaap Deferred Income Tax Liabilities Net
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us-gaap Deferred Policy Acquisition Cost Amortization Expense
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CY2017Q3 us-gaap Deferred Policy Acquisition Cost Amortization Expense
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us-gaap Deferred Policy Acquisition Cost Amortization Expense
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CY2016Q4 us-gaap Deferred Policy Acquisition Costs
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CY2017Q3 us-gaap Deferred Policy Acquisition Costs
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CY2016Q4 us-gaap Derivative Fair Value Of Derivative Liability Amount Offset Against Collateral
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10000000 USD
CY2017Q3 us-gaap Derivative Fair Value Of Derivative Liability Amount Offset Against Collateral
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41000000 USD
CY2016Q3 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
48000000 USD
us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
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CY2017Q3 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
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us-gaap Derivative Gain Loss On Derivative Net
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CY2016Q4 us-gaap Due From Affiliates
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CY2017Q3 us-gaap Due From Affiliates
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CY2016Q4 us-gaap Due To Affiliate Current And Noncurrent
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CY2017Q3 us-gaap Due To Affiliate Current And Noncurrent
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CY2016Q3 us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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CY2017Q3 us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Basic
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CY2016Q3 us-gaap Earnings Per Share Diluted
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us-gaap Earnings Per Share Diluted
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CY2017Q3 us-gaap Earnings Per Share Diluted
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us-gaap Earnings Per Share Diluted
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us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
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us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
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CY2017Q3 us-gaap Equity Method Investment Ownership Percentage
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1.00
CY2016Q4 us-gaap Fair Value Investments Entities That Calculate Net Asset Value Per Share Unfunded Committments
FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareUnfundedCommittments
2040000000 USD
CY2017Q3 us-gaap Fair Value Investments Entities That Calculate Net Asset Value Per Share Unfunded Committments
FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareUnfundedCommittments
1730000000 USD
us-gaap Fair Value Measurements Valuation Techniques
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Actuarial model
CY2016Q3 us-gaap Foreign Currency Transaction Gain Loss Before Tax
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us-gaap Foreign Currency Transaction Gain Loss Before Tax
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us-gaap Foreign Currency Transaction Gain Loss Before Tax
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CY2016Q3 us-gaap Gain Loss On Investments
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us-gaap Gain Loss On Investments
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CY2017Q3 us-gaap Gain Loss On Investments
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us-gaap Gain Loss On Investments
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CY2016Q3 us-gaap General And Administrative Expense
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us-gaap General And Administrative Expense
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CY2017Q3 us-gaap General And Administrative Expense
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us-gaap General And Administrative Expense
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CY2016Q4 us-gaap Goodwill
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CY2017Q3 us-gaap Goodwill
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us-gaap Goodwill Period Increase Decrease
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CY2016Q4 us-gaap Held To Maturity Securities
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CY2017Q3 us-gaap Held To Maturity Securities
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CY2016Q4 us-gaap Held To Maturity Securities Accumulated Unrecognized Holding Gain
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CY2017Q3 us-gaap Held To Maturity Securities Accumulated Unrecognized Holding Gain
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216000000 USD
CY2016Q4 us-gaap Held To Maturity Securities Accumulated Unrecognized Holding Loss
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CY2017Q3 us-gaap Held To Maturity Securities Accumulated Unrecognized Holding Loss
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CY2016Q4 us-gaap Held To Maturity Securities Debt Maturities After Five Through Ten Years Fair Value
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CY2017Q3 us-gaap Held To Maturity Securities Debt Maturities After Five Through Ten Years Fair Value
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CY2016Q4 us-gaap Held To Maturity Securities Debt Maturities After Five Through Ten Years Net Carrying Amount
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2969000000 USD
CY2017Q3 us-gaap Held To Maturity Securities Debt Maturities After Five Through Ten Years Net Carrying Amount
HeldToMaturitySecuritiesDebtMaturitiesAfterFiveThroughTenYearsNetCarryingAmount
2821000000 USD
CY2016Q4 us-gaap Held To Maturity Securities Debt Maturities After One Through Five Years Fair Value
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2691000000 USD
CY2017Q3 us-gaap Held To Maturity Securities Debt Maturities After One Through Five Years Fair Value
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2524000000 USD
CY2016Q4 us-gaap Held To Maturity Securities Debt Maturities After One Through Five Years Net Carrying Amount
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2646000000 USD
CY2017Q3 us-gaap Held To Maturity Securities Debt Maturities After One Through Five Years Net Carrying Amount
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CY2016Q4 us-gaap Held To Maturity Securities Debt Maturities After Ten Years Fair Value
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CY2017Q3 us-gaap Held To Maturity Securities Debt Maturities After Ten Years Fair Value
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CY2016Q4 us-gaap Held To Maturity Securities Debt Maturities After Ten Years Net Carrying Amount
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CY2017Q3 us-gaap Held To Maturity Securities Debt Maturities After Ten Years Net Carrying Amount
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2815000000 USD
CY2016Q4 us-gaap Held To Maturity Securities Debt Maturities Within One Year Fair Value
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CY2017Q3 us-gaap Held To Maturity Securities Debt Maturities Within One Year Fair Value
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CY2016Q4 us-gaap Held To Maturity Securities Debt Maturities Within One Year Net Carrying Amount
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430000000 USD
CY2017Q3 us-gaap Held To Maturity Securities Debt Maturities Within One Year Net Carrying Amount
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822000000 USD
CY2016Q4 us-gaap Held To Maturity Securities Debt Maturities Without Single Maturity Date Fair Value
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CY2017Q3 us-gaap Held To Maturity Securities Debt Maturities Without Single Maturity Date Fair Value
HeldToMaturitySecuritiesDebtMaturitiesWithoutSingleMaturityDateFairValue
1258000000 USD
CY2016Q4 us-gaap Held To Maturity Securities Debt Maturities Without Single Maturity Date Net Carrying Amount
HeldToMaturitySecuritiesDebtMaturitiesWithoutSingleMaturityDateNetCarryingAmount
1393000000 USD
CY2017Q3 us-gaap Held To Maturity Securities Debt Maturities Without Single Maturity Date Net Carrying Amount
HeldToMaturitySecuritiesDebtMaturitiesWithoutSingleMaturityDateNetCarryingAmount
1223000000 USD
CY2016Q4 us-gaap Held To Maturity Securities Fair Value
HeldToMaturitySecuritiesFairValue
10670000000 USD
CY2017Q3 us-gaap Held To Maturity Securities Fair Value
HeldToMaturitySecuritiesFairValue
10365000000 USD
CY2016Q4 us-gaap Hybrid Instruments At Fair Value Net
HybridInstrumentsAtFairValueNet
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CY2017Q3 us-gaap Hybrid Instruments At Fair Value Net
HybridInstrumentsAtFairValueNet
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CY2016Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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1637000000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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3081000000 USD
CY2017Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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2571000000 USD
CY2016Q3 us-gaap Income Tax Expense Benefit
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us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
556000000 USD
CY2017Q3 us-gaap Income Tax Expense Benefit
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us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2016Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
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CY2017Q3 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
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CY2016Q4 us-gaap Intangible Assets Net Including Goodwill
IntangibleAssetsNetIncludingGoodwill
22095000000 USD
CY2017Q3 us-gaap Intangible Assets Net Including Goodwill
IntangibleAssetsNetIncludingGoodwill
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CY2016Q3 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
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us-gaap Interest Income Expense Net
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us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
360000000 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
652000000 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
308000000 USD
us-gaap Increase Decrease In Accrued Income Taxes Payable
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-262000000 USD
us-gaap Increase Decrease In Deferred Income Taxes
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13000000 USD
us-gaap Increase Decrease In Deferred Income Taxes
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151000000 USD
us-gaap Increase Decrease In Deferred Policy Acquisition Costs
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1316000000 USD
us-gaap Increase Decrease In Deferred Policy Acquisition Costs
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256000000 USD
us-gaap Increase Decrease In Future Policy Benefit Reserves
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129000000 USD
us-gaap Increase Decrease In Future Policy Benefit Reserves
IncreaseDecreaseInFuturePolicyBenefitReserves
186000000 USD
us-gaap Increase Decrease In Liability For Claims And Claims Adjustment Expense Reserve
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916000000 USD
us-gaap Increase Decrease In Liability For Claims And Claims Adjustment Expense Reserve
IncreaseDecreaseInLiabilityForClaimsAndClaimsAdjustmentExpenseReserve
2789000000 USD
us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
273000000 USD
us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
85000000 USD
us-gaap Increase Decrease In Premiums Receivable
IncreaseDecreaseInPremiumsReceivable
201000000 USD
us-gaap Increase Decrease In Premiums Receivable
IncreaseDecreaseInPremiumsReceivable
339000000 USD
us-gaap Increase Decrease In Prepaid Reinsurance Premiums
IncreaseDecreaseInPrepaidReinsurancePremiums
-33000000 USD
us-gaap Increase Decrease In Prepaid Reinsurance Premiums
IncreaseDecreaseInPrepaidReinsurancePremiums
14000000 USD
us-gaap Increase Decrease In Reinsurance Payables
IncreaseDecreaseInReinsurancePayables
149000000 USD
us-gaap Increase Decrease In Reinsurance Payables
IncreaseDecreaseInReinsurancePayables
247000000 USD
us-gaap Increase Decrease In Unearned Premiums
IncreaseDecreaseInUnearnedPremiums
-547000000 USD
us-gaap Increase Decrease In Unearned Premiums
IncreaseDecreaseInUnearnedPremiums
340000000 USD
CY2016Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
3375269 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
3439017 shares
CY2017Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
3820673 shares
CY2017Q3 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-150000000 USD
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
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us-gaap Interest Paid Net
InterestPaidNet
390000000 USD
us-gaap Interest Paid Net
InterestPaidNet
404000000 USD
CY2016Q4 us-gaap Investments
Investments
99094000000 USD
CY2017Q3 us-gaap Investments
Investments
102424000000 USD
CY2016Q4 us-gaap Investments In Affiliates Subsidiaries Associates And Joint Ventures
InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures
666000000 USD
CY2017Q3 us-gaap Investments In Affiliates Subsidiaries Associates And Joint Ventures
InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures
652000000 USD
CY2016Q4 us-gaap Junior Subordinated Debenture Owed To Unconsolidated Subsidiary Trust
JuniorSubordinatedDebentureOwedToUnconsolidatedSubsidiaryTrust
308000000 USD
CY2017Q3 us-gaap Junior Subordinated Debenture Owed To Unconsolidated Subsidiary Trust
JuniorSubordinatedDebentureOwedToUnconsolidatedSubsidiaryTrust
308000000 USD
CY2016Q4 us-gaap Liabilities
Liabilities
111511000000 USD
CY2017Q3 us-gaap Liabilities
Liabilities
117107000000 USD
CY2016Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
159786000000 USD
CY2017Q3 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
167578000000 USD
CY2015Q4 us-gaap Liability For Claims And Claims Adjustment Expense
LiabilityForClaimsAndClaimsAdjustmentExpense
37303000000 USD
CY2016Q3 us-gaap Liability For Claims And Claims Adjustment Expense
LiabilityForClaimsAndClaimsAdjustmentExpense
61347000000 USD
CY2016Q4 us-gaap Liability For Claims And Claims Adjustment Expense
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CY2016Q4 us-gaap Reinsurance Payable
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CY2015Q4 us-gaap Reinsurance Recoverable For Unpaid Claims And Claims Adjustments
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CY2016Q4 us-gaap Reinsurance Recoverable For Unpaid Claims And Claims Adjustments
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12708000000 USD
CY2016Q3 us-gaap Reinsurance Recoverables Gross
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us-gaap Repayments Of Long Term Debt
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us-gaap Repayments Of Long Term Debt
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us-gaap Repayments Of Short Term Debt
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us-gaap Repayments Of Short Term Debt
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CY2016Q4 us-gaap Restricted Cash And Cash Equivalents
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CY2017Q3 us-gaap Restricted Cash And Cash Equivalents
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105000000 USD
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CY2017Q3 us-gaap Restricted Cash And Investments
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22864000000 USD
CY2016Q4 us-gaap Restricted Investments
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CY2017Q3 us-gaap Restricted Investments
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22800000000 USD
CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
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us-gaap Revenues
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us-gaap Revenues
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24228000000 USD
CY2016Q4 us-gaap Securities Held As Collateral At Fair Value
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CY2016Q4 us-gaap Securities Sold Under Agreements To Repurchase
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1020000000 USD
CY2016Q4 us-gaap Short Term Investments
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CY2017Q3 us-gaap Short Term Investments
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2991000000 USD
CY2016Q3 us-gaap Stockholders Equity
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us-gaap Supplemental Information For Property Casualty Insurance Underwriters Current Year Claims And Claims Adjustment Expense
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13169000000 USD
us-gaap Supplemental Information For Property Casualty Insurance Underwriters Current Year Claims And Claims Adjustment Expense
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-781000000 USD
CY2016Q4 us-gaap Treasury Stock Shares
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1480000000 USD
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CY2016Q4 us-gaap Unearned Premiums
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CY2017Q3 us-gaap Unrecognized Tax Benefits
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CY2016Q4 us-gaap Value Of Business Acquired Voba
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CY2016Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2016Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:9.75pt;"><font style="font-family:News Gothic,sans-serif;font-size:9.75pt;"> </font></div><div style="line-height:120%;font-size:9.75pt;"><font style="font-family:News Gothic,sans-serif;font-size:9.75pt;font-weight:bold;">e) Accounting guidance not yet adopted</font></div><div style="line-height:120%;font-size:9.75pt;"><font style="font-family:News Gothic,sans-serif;font-size:9.75pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:9.75pt;"><font style="font-family:News Gothic,sans-serif;font-size:9.75pt;font-style:italic;font-weight:bold;">Goodwill Impairment </font></div><div style="line-height:120%;text-align:left;font-size:9.75pt;"><font style="font-family:News Gothic,sans-serif;font-size:9.75pt;">In January 2017, the FASB issued updated guidance on goodwill impairment testing that eliminates Step 2 of the goodwill impairment test requiring entities to calculate the implied fair value of goodwill through a hypothetical purchase price allocation. Under the updated guidance, impairment will now be recognized as the amount by which a reporting unit&#8217;s carrying value exceeds its fair value. The standard will be effective for us in the first quarter of 2020 on a prospective basis with early adoption permitted. We do not expect the adoption of this guidance to have a material effect on our financial condition and results of operations.</font></div><div style="line-height:120%;text-align:left;font-size:9.75pt;"><font style="font-family:News Gothic,sans-serif;font-size:9.75pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:9.75pt;"><font style="font-family:News Gothic,sans-serif;font-size:9.75pt;font-style:italic;font-weight:bold;">Premium Amortization on Purchased Callable Debt Securities</font></div><div style="line-height:120%;text-align:left;font-size:9.75pt;"><font style="font-family:News Gothic,sans-serif;font-size:9.75pt;">In March 2017, the FASB issued guidance on the amortization period for purchased callable debt securities held at a premium. The guidance requires the premium to be amortized to the earliest call date. Under current guidance, premiums generally are amortized over the contracted life of the security. This guidance is effective for us in the first quarter of 2019 on a modified retrospective basis through a cumulative effect adjustment to beginning retained earnings. Early adoption is permitted. Securities held at a discount do not require an accounting change. We are in the process of evaluating the effect the updated guidance will have on our financial condition and results of operations.</font></div><div style="line-height:120%;text-align:left;font-size:9.75pt;"><font style="font-family:News Gothic,sans-serif;font-size:9.75pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:9.75pt;"><font style="font-family:News Gothic,sans-serif;font-size:9.75pt;">Refer to the 2016 Form 10-K for information on other accounting guidance not yet adopted.</font></div></div>
us-gaap Schedule Of Liability For Unpaid Claims And Claims Adjustment Expense
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:9.75pt;"><font style="font-family:News Gothic,sans-serif;font-size:9.75pt;">The following table presents a reconciliation of beginning and ending Unpaid losses and loss expenses:</font></div><div style="line-height:120%;padding-top:4px;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td style="width:75%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="6" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8.5pt;"><font style="font-family:News Gothic,sans-serif;font-size:8.5pt;">Nine Months Ended September 30</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:News Gothic,sans-serif;font-size:8.5pt;">(in millions of U.S. dollars)</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8.5pt;"><font style="font-family:News Gothic,sans-serif;font-size:8.5pt;font-weight:bold;">2017</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8.5pt;"><font style="font-family:News Gothic,sans-serif;font-size:8.5pt;">2016</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9.75pt;"><font style="font-family:News Gothic,sans-serif;font-size:9.75pt;">Gross unpaid losses and loss expenses &#8211; beginning of period</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:News Gothic,sans-serif;font-size:8.5pt;font-weight:bold;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8.5pt;"><font style="font-family:News Gothic,sans-serif;font-size:8.5pt;font-weight:bold;">60,540</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:News Gothic,sans-serif;font-size:8.5pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8.5pt;"><font style="font-family:News Gothic,sans-serif;font-size:8.5pt;">37,303</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:9.75pt;"><font style="font-family:News Gothic,sans-serif;font-size:9.75pt;">Reinsurance recoverable on unpaid losses </font><font style="font-family:News Gothic,sans-serif;font-size:7pt;"><sup style="vertical-align:top;line-height:120%;font-size:pt">(1)</sup></font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8.5pt;"><font style="font-family:News Gothic,sans-serif;font-size:8.5pt;font-weight:bold;">(12,708</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:News Gothic,sans-serif;font-size:8.5pt;font-weight:bold;">)</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8.5pt;"><font style="font-family:News Gothic,sans-serif;font-size:8.5pt;">(10,741</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:News Gothic,sans-serif;font-size:8.5pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9.75pt;"><font style="font-family:News Gothic,sans-serif;font-size:9.75pt;">Net unpaid losses and loss expenses &#8211; beginning of period</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8.5pt;"><font style="font-family:News Gothic,sans-serif;font-size:8.5pt;font-weight:bold;">47,832</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8.5pt;"><font style="font-family:News Gothic,sans-serif;font-size:8.5pt;">26,562</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9.75pt;"><font style="font-family:News Gothic,sans-serif;font-size:9.75pt;">Acquisition of subsidiaries</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8.5pt;"><font style="font-family:News Gothic,sans-serif;font-size:8.5pt;font-weight:bold;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8.5pt;"><font style="font-family:News Gothic,sans-serif;font-size:8.5pt;">21,402</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9.75pt;"><font style="font-family:News Gothic,sans-serif;font-size:9.75pt;">Total</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:8.5pt;"><font style="font-family:News Gothic,sans-serif;font-size:8.5pt;font-weight:bold;">47,832</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:8.5pt;"><font style="font-family:News Gothic,sans-serif;font-size:8.5pt;">47,964</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9.75pt;"><font style="font-family:News Gothic,sans-serif;font-size:9.75pt;">Net losses and loss expenses incurred in respect of losses occurring in:</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9.75pt;"><font style="font-family:News Gothic,sans-serif;font-size:9.75pt;">Current year</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8.5pt;"><font style="font-family:News Gothic,sans-serif;font-size:8.5pt;font-weight:bold;">14,963</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8.5pt;"><font style="font-family:News Gothic,sans-serif;font-size:8.5pt;">13,169</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9.75pt;"><font style="font-family:News Gothic,sans-serif;font-size:9.75pt;">Prior years </font><font style="font-family:News Gothic,sans-serif;font-size:7pt;"><sup style="vertical-align:top;line-height:120%;font-size:pt">(2)</sup></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8.5pt;"><font style="font-family:News Gothic,sans-serif;font-size:8.5pt;font-weight:bold;">(781</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:News Gothic,sans-serif;font-size:8.5pt;font-weight:bold;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8.5pt;"><font style="font-family:News Gothic,sans-serif;font-size:8.5pt;">(972</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:News Gothic,sans-serif;font-size:8.5pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9.75pt;"><font style="font-family:News Gothic,sans-serif;font-size:9.75pt;">Total</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:8.5pt;"><font style="font-family:News Gothic,sans-serif;font-size:8.5pt;font-weight:bold;">14,182</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:8.5pt;"><font style="font-family:News Gothic,sans-serif;font-size:8.5pt;">12,197</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9.75pt;"><font style="font-family:News Gothic,sans-serif;font-size:9.75pt;">Net losses and loss expenses paid in respect of losses occurring in:</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9.75pt;"><font style="font-family:News Gothic,sans-serif;font-size:9.75pt;">Current year</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8.5pt;"><font style="font-family:News Gothic,sans-serif;font-size:8.5pt;font-weight:bold;">3,937</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8.5pt;"><font style="font-family:News Gothic,sans-serif;font-size:8.5pt;">3,865</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9.75pt;"><font style="font-family:News Gothic,sans-serif;font-size:9.75pt;">Prior years</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8.5pt;"><font style="font-family:News Gothic,sans-serif;font-size:8.5pt;font-weight:bold;">8,389</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8.5pt;"><font style="font-family:News Gothic,sans-serif;font-size:8.5pt;">7,470</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9.75pt;"><font style="font-family:News Gothic,sans-serif;font-size:9.75pt;">Total</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:8.5pt;"><font style="font-family:News Gothic,sans-serif;font-size:8.5pt;font-weight:bold;">12,326</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:8.5pt;"><font style="font-family:News Gothic,sans-serif;font-size:8.5pt;">11,335</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9.75pt;"><font style="font-family:News Gothic,sans-serif;font-size:9.75pt;">Foreign currency revaluation and other</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8.5pt;"><font style="font-family:News Gothic,sans-serif;font-size:8.5pt;font-weight:bold;">596</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8.5pt;"><font style="font-family:News Gothic,sans-serif;font-size:8.5pt;">(155</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:News Gothic,sans-serif;font-size:8.5pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9.75pt;"><font style="font-family:News Gothic,sans-serif;font-size:9.75pt;">Net unpaid losses and loss expenses &#8211; end of period</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8.5pt;"><font style="font-family:News Gothic,sans-serif;font-size:8.5pt;font-weight:bold;">50,283</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8.5pt;"><font style="font-family:News Gothic,sans-serif;font-size:8.5pt;">48,671</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:9.75pt;"><font style="font-family:News Gothic,sans-serif;font-size:9.75pt;">Reinsurance recoverable on unpaid losses </font><font style="font-family:News Gothic,sans-serif;font-size:7pt;"><sup style="vertical-align:top;line-height:120%;font-size:pt">(1)</sup></font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8.5pt;"><font style="font-family:News Gothic,sans-serif;font-size:8.5pt;font-weight:bold;">13,870</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8.5pt;"><font style="font-family:News Gothic,sans-serif;font-size:8.5pt;">12,676</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:2px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9.75pt;"><font style="font-family:News Gothic,sans-serif;font-size:9.75pt;">Gross unpaid losses and loss expenses &#8211; end of period</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:News Gothic,sans-serif;font-size:8.5pt;font-weight:bold;">$</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8.5pt;"><font style="font-family:News Gothic,sans-serif;font-size:8.5pt;font-weight:bold;">64,153</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:News Gothic,sans-serif;font-size:8.5pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8.5pt;"><font style="font-family:News Gothic,sans-serif;font-size:8.5pt;">61,347</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div><div style="line-height:120%;padding-top:4px;font-size:7pt;"><font style="font-family:News Gothic,sans-serif;font-size:7pt;"><sup style="vertical-align:top;line-height:120%;font-size:pt">(1)</sup></font><font style="font-family:News Gothic,sans-serif;font-size:7pt;"> Net of provision for uncollectible reinsurance.</font></div><div style="line-height:120%;padding-top:4px;padding-left:12px;text-indent:-12px;font-size:7pt;"><font style="font-family:News Gothic,sans-serif;font-size:7pt;"><sup style="vertical-align:top;line-height:120%;font-size:pt">(2)</sup></font><font style="font-family:News Gothic,sans-serif;font-size:7pt;"> Relates to prior period loss reserve development only and excludes prior period development related to reinstatement premiums, expense adjustments, and earned premiums totaling </font><font style="font-family:News Gothic,sans-serif;font-size:7pt;">$110 million</font><font style="font-family:News Gothic,sans-serif;font-size:7pt;"> and </font><font style="font-family:News Gothic,sans-serif;font-size:7pt;">$75 million</font><font style="font-family:News Gothic,sans-serif;font-size:7pt;"> for the nine months ended </font><font style="font-family:News Gothic,sans-serif;font-size:7pt;">September&#160;30, 2017</font><font style="font-family:News Gothic,sans-serif;font-size:7pt;"> and 2016, respectively.</font></div></div>

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