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XLIB 2018 Document pwc April 27 2018 Report of Independent Auditors To the Shareholder of XL Bermuda Ltd We have audited the accompanying consolidated financial statements of XL Bermuda Ltd and its subsidiaries, which comprise the consolidated balance sheets as of December 31, 2017 and December 31, 2016, and the related consolidated statements of income, comprehensive income, shareholder’s equity and cash flows for the years then ended. Management’s responsibility for the consolidated financial statements Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation and maintenance of internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. Auditors’ responsibility Our responsibility is to express an opinion on the consolidated financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on our judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the Company’s preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. PricewaterhouseCoopers Ltd., chartered ProfessionatAccountants, P.O. Box HM 1171, Hamitton HMEX, Bermuda T: +1 (441) 295 2000, F: +1 (441) 2951242, tvtvw.pwc.com/bermuda pwc Opinion In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of XL Bermuda Ltd and its subsidiaries as of December 31, 2017 and December 31, 2016, and the results of their operations and their cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America. Other Matter Accounting principles generally accepted in the United States of America require that the required supplemental information under Accounting Standards Update 2015-09, Disclosure about Short- Duration Contracts labelled as Unaudited within Note 10 on pages 55 to 63 be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Financial Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Chartered Professional Accountants Reference: Report oflndependent Auditors on the Consolidated Financiat Statements ofXL Bermuda Ltd and its subsidiaries as at December31, 2017 and December 31, 2016 andfor the years then ended Page 2 of 2 XL BERMUDA LTD CONSOLIDATED BALANCE SHEETS AS AT DECEMBER 31, 2017 AND 2016 (U.S. dollars in thousands, except share data) 2017 2016 ASSETS Investments: Fixed maturities, at fair value (amortized cost: 2017, $29,645,663; 2016, $28,956,977) $ 30,416,290 $ 29,619,018 Equity securities, at fair value (cost: 2017, $638,455; 2016, $995,934) 713,967 1,036,655 Short-term investments, at fair value (amortized cost: 2017, $801,210; 2016, $626,142) 800,027 625,194 Total investments available for sale $ 31,930,284 $ 31,280,867 Fixed maturities, at fair value (amortized cost: 2017, $1,946,501; 2016, $1,548,178) 2,006,385 1,617,014 Short-term investments, at fair value (amortized cost: 2017, $14,969; 2016, $9,536) 14,965 9,563 Total investments trading $ 2,021,350 $ 1,626,577 Investments in affiliates 1,911,996 2,177,645 Other investments 1,163,863 1,164,547 Total investments $ 37,027,493 $ 36,249,636 Cash and cash equivalents 3,273,315 3,341,679 Restricted cash 157,497 153,504 Accrued investment income 269,701 281,330 Deferred acquisition costs and value of business acquired 1,102,474 946,721 Ceded unearned premiums 2,198,217 1,687,864 Premiums receivable 6,934,482 5,522,976 Reinsurance balances receivable 930,114 577,479 Unpaid losses and loss expenses recoverable 7,247,723 5,491,297 Receivable from investments sold 201,515 128,411 Amount due from Parent and affiliates 68,004 82,958 Goodwill and other intangible assets 2,089,438 2,067,341 Deferred tax asset 332,024 310,542 Other assets 738,744 692,835 Total assets $ 62,570,741 $ 57,534,573 LIABILITIES AND SHAREHOLDER'S EQUITY Liabilities: Unpaid losses and loss expenses $ 29,696,779 $ 25,939,571 Deposit liabilities 1,042,677 1,116,233 Future policy benefit reserves 3,610,926 3,506,047 Funds withheld on GreyCastle life retrocession arrangements (net of future policy benefit reserves recoverable: 2017, $3,191,584; 2016, $3,072,615) 999,219 998,968 Unearned premiums 8,307,431 7,293,028 Reinsurance balances payable 3,706,116 2,451,717 Payable for investments purchased 332,142 226,009 Deferred tax liability 57,574 77,271 Amount due to Parents and affiliates 27,087 47,710 Other liabilities 952,773 1,158,877 Total liabilities $ 48,732,724 $ 42,815,431 Shareholders' Equity: Ordinary shares, 15,000,000 authorized, par value $0.10; issued and outstanding (2017: 12,500,000 ; 2016: 12,500,000) $ 1,250 $ 1,250 Additional paid in capital 12,579,844 12,579,844 Accumulated other comprehensive income 741,922 541,900 Retained earnings (141,078) 918,483 Shareholders' equity attributable to XL Group Ltd $ 13,181,938 $ 14,041,477 Non-controlling interest in equity of consolidated subsidiaries 656,079 677,665 Total shareholders' equity $ 13,838,017 $ 14,719,142 Total liabilities and shareholders' equity $ 62,570,741 $ 57,534,573 See accompanying Notes to Consolidated Financial Statements 3 XL BERMUDA LTD CONSOLIDATED STATEMENTS OF INCOME FOR THE YEARS ENDED DECEMBER 31, 2017 AND 2016 (U.S. dollars in thousands) 2017 2016 Revenues: Net premiums earned $ 10,336,612 $ 9,777,934 Net investment income: Net investment income - excluding Life Funds Withheld Assets 688,284 656,179 Net investment income - Life Funds Withheld Assets 127,047 154,751 Total net investment income 815,331 810,930 Realized investment gains (losses): Net realized gains (losses) on investments sold - excluding Life Funds Withheld Assets 132,788 193,773 Other-than-temporary impairments ("OTTI") on investments - excluding Life Funds Withheld Assets (12,988) (78,997) OTTI on investments transferred to (from) other comprehensive income - excluding Life Funds Withheld Assets (359) 439 Net realized gains (losses) on investments sold - Life Funds Withheld Assets 115,911 152,589 OTTI on investments - Life Funds Withheld Assets (1,434) (2,598) Net unrealized gains (losses) on investments, trading securities ("Trading") - Life Funds Withheld Assets (14,805) 109,458 Total net realized gains (losses) on investments, and net unrealized gains (losses) on investments, Trading $ 219,113 $ 374,664 Net realized and unrealized gains (losses) on derivative instruments (41,732) 2,521 Net realized and unrealized gains (losses) on life retrocession embedded derivative and derivative instruments - Life Funds Withheld Assets (206,015) (540,090) Income (loss) from investment affiliates 139,046 70,758 Fee income and other 48,647 35,692 Total revenues $ 11,311,002 $ 10,532,409 Expenses: Net losses and loss expenses incurred $ 8,001,920 $ 6,072,835 Claims and policy benefits 39,189 28,244 Acquisition costs 1,788,140 1,620,671 Operating expenses 1,689,570 1,961,366 Foreign exchange (gains) losses 35,458 (8,146) (Gain) Loss on sale of subsidiary — (7,088) Interest expense 40,046 69,121 Total expenses $ 11,594,323 $ 9,737,003 Income (loss) before income tax and income (loss) from operating affiliates (283,321) 795,406 Income (loss) from operating affiliates 63,645 44,397 Provision (benefit) for income tax 59,070 42,380 Net income (loss) $ (278,746) $ 797,423 Non-controlling interests (30,815)
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