Financial Highlights

(expressed in millions of U.S. dollars, except per share data)

For the years ended December 31, 2004	2005	2006	2007	2008
$3,853	$3,616	$3,689	$3,757	$3,989	Net premiums written
4,166	4,206	4,187	4,211	3,980	Total revenues
492	(51)	749	718	47	Net income (loss)
386	(252)	656	822	469	Operating earnings (loss) available to common shareholders
					Earnings (loss) per common share:
$7.15	$(4.59)	$11.36	$14.29	$8.43	Diluted operating earning (loss) per common share
8.71	(1.56)	12.37	11.87	0.22	Diluted net income (loss) per common share
16.8%	(8.9)%	25.5%	25.2%	12.3%	Operating return on beginning common shareholder's equity
20.4%	(3.0)%	27.8%	20.9%	0.3%	Return on beginning common shareholders’ equity calculated with net income (loss) available to common shareholders
					Non-life ratios:
65.6%	87.3%	54.8%	50.8%	63.9%	Loss ratio
23.0	23.0	23.1	22.9	23.3	Acquisition ratio
6.0	6.0	6.5	6.7	6.9	Other operating expense ratio
94.6%	116.3%	84.4%	80.4%	94.1%	Combined ratio
At December 31, 2004	2005	2006	2007	2008
$12,717	$13,783	$15,034	$16,149	$16,279	Total assets
3,352	3,093	3,786	4,322	4,199	Total shareholder's equity
50.99	44.57	56.07	67.96	63.95	Diluted book value per common and common share equivalents
3,398	3,725	4,054	4,477	4,023	Market capitalization