XML 63 R4.htm IDEA: XBRL DOCUMENT v2.4.0.8
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Jun. 30, 2014
Jun. 30, 2013
Revenues:        
Net premiums earned $ 1,496,594 $ 1,562,393 $ 2,985,433 $ 3,092,084
Net investment income 232,773 232,546 465,962 479,014
Realized investment gains (losses):        
Net realized gains (losses) on investments 72,697 40,968 91,926 77,477
Net realized and unrealized gains (losses) on derivative instruments 11,599 (5,105) 13,409 2,780
Income (loss) from investment fund affiliates 17,683 46,543 50,986 78,764
Fee income and other 9,706 10,871 21,160 20,503
Total revenues 1,823,506 1,888,216 3,611,330 3,750,622
Expenses:        
Net losses and loss expenses incurred 827,880 937,606 1,659,385 1,780,690
Claims and policy benefits 85,299 116,767 198,886 227,720
Acquisition costs 184,619 231,886 384,033 452,145
Operating expenses 333,030 303,159 643,454 586,991
Exchange (gains) losses 21,141 (11,331) 31,582 (44,766)
Loss on sale of life reinsurance subsidiary 666,423 0 666,423 0
Interest expense 14,085 38,204 57,026 76,904
Total expenses 2,132,477 1,616,291 3,640,789 3,079,684
Income (loss) before income tax and income (loss) from operating affiliates (308,971) 271,925 (29,459) 670,938
Income (loss) from operating affiliates 27,738 32,825 74,023 63,823
Provision (benefit) for income tax (5,654) 28,872 28,667 72,351
Net income (loss) (275,579) 275,878 15,897 662,410
Non-controlling interests 3,682 3,180 39,441 38,922
Net income (loss) attributable to ordinary shareholders (279,261) 272,698 (23,544) 623,488
Weighted average ordinary shares and ordinary share equivalents outstanding - basic (in shares) 270,924 289,513 273,616 292,277
Weighted average ordinary shares and ordinary share equivalents outstanding - diluted (in shares) 270,924 294,333 273,616 297,044
Earnings (loss) per ordinary share and ordinary share equivalent - basic (in dollars per share) $ (1.03) $ 0.94 $ (0.09) $ 2.13
Earnings (loss) per ordinary share and ordinary share equivalent - diluted (in dollars per share) $ (1.03) $ 0.93 $ (0.09) $ 2.10
Excluding Life Funds Withheld Assets
       
Revenues:        
Net investment income 213,608 232,546 446,797 479,014
Realized investment gains (losses):        
Net realized gains (losses) on investments sold 105,460 43,357 128,416 84,504
Other-than-temporary impairments on investments (24,362) (1,561) (26,638) (5,288)
Other-than-temporary impairments on investments transferred to (from) other comprehensive income (254) (828) (1,705) (1,739)
Net realized gains (losses) on investments 80,844 40,968 100,073 77,477
Life Funds Withheld Assets
       
Revenues:        
Net investment income 19,165 0 19,165 0
Realized investment gains (losses):        
Net realized gains (losses) on investments sold 624 0 624 0
Other-than-temporary impairments on investments (8,771) 0 (8,771) 0
Net realized gains (losses) on investments (8,147) 0 (8,147) 0
Net realized and unrealized gains (losses) on derivative instruments $ (17,546) $ 0 $ (17,546) $ 0