XML 61 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 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2014
Sep. 30, 2013
Revenues:        
Net premiums earned $ 1,473,412 $ 1,625,312 $ 4,458,845 $ 4,717,396
Net investment income 226,430 237,921 692,392 716,935
Realized investment gains (losses):        
Net realized gains (losses) on investments 4,341 (1,958) 96,267 75,519
Net realized and unrealized gains (losses) on derivative instruments 5,131 880 18,540 3,660
Income (loss) from investment fund affiliates 24,500 5,079 75,486 83,843
Fee income and other 10,782 10,875 31,942 31,378
Total revenues 1,543,332 1,878,109 5,154,662 5,628,731
Expenses:        
Net losses and loss expenses incurred 859,588 1,006,520 2,518,973 2,787,210
Claims and policy benefits 20,101 116,549 218,987 344,269
Acquisition costs 182,882 238,328 566,915 690,473
Operating expenses 341,255 311,506 984,709 898,497
Exchange (gains) losses (23,348) 20,303 8,234 (24,463)
Loss on sale of life reinsurance subsidiary 0 0 666,423 0
Interest expense 42,851 37,926 99,877 114,830
Total expenses 1,423,329 1,731,132 5,064,118 4,810,816
Income (loss) before income tax and income (loss) from operating affiliates 120,003 146,977 90,544 817,915
Income (loss) from operating affiliates 20,021 24,590 94,044 88,413
Provision (benefit) for income tax 30,057 897 58,724 73,248
Net income (loss) 109,967 170,670 125,864 833,080
Non-controlling interests 37,583 35,022 77,024 73,944
Net income (loss) attributable to ordinary shareholders 72,384 135,648 48,840 759,136
Weighted average ordinary shares outstanding - basic 264,353 285,393 270,494 289,957
Weighted average ordinary shares outstanding - diluted 269,140 290,490 274,912 294,828
Earnings (loss) per ordinary share and ordinary share equivalent - basic (in dollars per share) $ 0.27 $ 0.48 $ 0.18 $ 2.62
Earnings (loss) per ordinary share and ordinary share equivalent - diluted (in dollars per share) $ 0.27 $ 0.47 $ 0.18 $ 2.57
Excluding Life Funds Withheld Assets
       
Revenues:        
Net investment income 169,956 237,921 616,753 716,935
Realized investment gains (losses):        
Net realized gains (losses) on investments sold 10,957 1,229 139,373 85,733
Other-than-temporary impairments on investments (752) (2,388) (27,390) (7,676)
Other-than-temporary impairments on investments transferred to (from) other comprehensive income (392) (799) (2,097) (2,538)
Net realized gains (losses) on investments 9,813 (1,958) 109,886 75,519
Life Funds Withheld Assets
       
Revenues:        
Net investment income 56,474 0 75,639 0
Realized investment gains (losses):        
Net realized gains (losses) on investments sold 2,022 0 2,646 0
Other-than-temporary impairments on investments (7,494) 0 (16,265) 0
Net realized gains (losses) on investments (5,472) 0 (13,619) 0
Net realized and unrealized gains (losses) on derivative instruments $ (201,264) $ 0 $ (218,810) $ 0