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Consolidated Statements of Earnings and Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Revenues        
Net premiums earned $ 1,239,721 $ 1,253,515 $ 3,692,838 $ 3,736,596
Net investment income 104,663 120,603 321,857 332,326
Net realized capital gains 32,921 27,221 101,840 117,126
Other than temporary impairment losses (6,131) (11,729) (13,095) (38,216)
Other revenue 296,309 225,006 650,413 527,765
Total revenues 1,667,483 1,614,616 4,753,853 4,675,597
Costs and Expenses        
Net loss and loss adjustment expenses 1,491,848 718,556 2,926,039 2,198,512
Commissions, brokerage and other underwriting expenses 398,163 423,042 1,220,415 1,238,712
Other operating expenses 277,918 228,408 678,226 575,527
Corporate administration (4,689) 10,745 26,601 33,938
Amortization of intangible assets 5,765 6,008 14,140 14,490
Interest expense 20,804 20,682 62,728 61,384
Total costs and expenses 2,189,809 1,407,441 4,928,149 4,122,563
(Losses) earnings before income taxes (522,326) 207,175 (174,296) 553,034
Income taxes (212,379) 48,328 (116,368) 162,274
Net (losses) earnings (309,947) 158,847 (57,928) 390,760
Net earnings attributable to noncontrolling interest 4,210 3,016 5,242 3,353
Net (losses) earnings attributable to Alleghany stockholders (314,157) 155,831 (63,170) 387,407
Net (losses) earnings (309,947) 158,847 (57,928) 390,760
Other comprehensive (loss) income :        
Change in unrealized gains (losses), net of deferred taxes of $52,766 and $25,123 for 2017 and 2016, for the three months ended and $196,336 and $128,379 for 2017 and 2016, for the nine months ended respectively 97,994 46,657 364,623 238,418
Less: reclassification for net realized capital gains and other than temporary impairment losses, net of taxes of ($9,377) and ($5,422) for 2017 and 2016, for the three months ended and ($31,061) and ($22,999) for 2017 and 2016, for the nine months ended respectively (17,414) (10,070) (57,684) (42,712)
Change in unrealized currency translation adjustment, net of deferred taxes of $3,967 and ($1,637) for 2017 and 2016, for the three months ended and $12,050 and $10,318 for 2017 and 2016, for the nine months ended respectively 7,368 (3,041) 22,379 19,162
Retirement plans 98 95 (199) 452
Comprehensive (loss) income (221,901) 192,488 271,191 606,080
Comprehensive income attributable to noncontrolling interest 4,210 3,016 5,242 3,353
Comprehensive (loss) income attributable to Alleghany stockholders $ (226,111) $ 189,472 $ 265,949 $ 602,727
Basic (losses) earnings per share attributable to Alleghany stockholders $ (20.38) $ 10.09 $ (4.10) $ 25.09
Diluted (losses) earnings per share attributable to Alleghany stockholders $ (20.90) $ 10.09 $ (4.10) $ 25.08