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UNAUDITED CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Revenues:        
Net premiums earned $ 2,082,053 $ 1,496,594 $ 3,416,053 $ 2,985,433
Net investment income 223,204 232,773 431,717 465,962
Realized investment gains (losses):        
Total net realized gains (losses) on investments, and net unrealized gains (losses) on investments Trading - Life Funds Withheld Assets 49,967 72,697 102,858 91,926
Net realized and unrealized gains (losses) on derivative instruments 48,509 11,599 65,030 13,409
Income (loss) from investment fund affiliates 31,377 17,683 66,706 50,986
Fee income and other 11,012 9,706 15,740 21,160
Total revenues 2,685,296 1,823,506 4,107,911 3,611,330
Expenses:        
Net losses and loss expenses incurred 1,151,195 827,880 1,921,022 1,659,385
Claims and policy benefits 22,081 85,299 41,468 198,886
Acquisition costs [1] 341,617 184,619 495,313 384,033
Operating expenses 507,354 333,029 833,010 643,453
Foreign exchange (gains) losses 10,374 21,141 37,764 31,582
Loss on sale of life reinsurance subsidiary 0 666,423 0 666,423
Interest expense 49,667 14,085 101,105 57,026
Total expenses 2,082,288 2,132,476 3,429,682 3,640,788
Income (loss) before income tax and income (loss) from operating affiliates 603,008 (308,970) 678,229 (29,458)
Income (loss) from operating affiliates 9,462 27,738 32,130 74,023
Gain on sale of operating affiliate 340,407 0 340,407 0
Provision (benefit) for income tax 32,959 (5,654) 57,177 28,667
Net income (loss) 919,918 (275,578) 993,589 15,898
Non-controlling interests 4,879 3,682 42,269 39,441
Net income (loss) attributable to ordinary shareholders $ 915,039 $ (279,260) $ 951,320 $ (23,543)
Weighted average ordinary shares outstanding - basic 289,420 270,924 272,665 273,616
Weighted average ordinary shares outstanding - diluted 293,983 270,924 277,473 273,616
Earnings (loss) per ordinary share and ordinary share equivalent - basic (in dollars per share) $ 3.16 $ (1.03) $ 3.49 $ (0.09)
Earnings (loss) per ordinary share and ordinary share equivalent - diluted (in dollars per share) $ 3.11 $ (1.03) $ 3.43 $ (0.09)
Excluding Life Funds Withheld Assets        
Revenues:        
Net investment income $ 176,340 $ 213,608 $ 334,434 $ 446,797
Realized investment gains (losses):        
Net realized gains (losses) on investments sold 20,939 105,460 36,117 128,416
Other-than-temporary impairments on investments (16,520) (24,362) (27,035) (26,638)
Other-than-temporary impairments on investments transferred to (from) other comprehensive income (68) (254) (129) (1,705)
Life Funds Withheld Assets        
Revenues:        
Net investment income 46,864 19,165 97,283 19,165
Realized investment gains (losses):        
Net realized gains (losses) on investments sold 68,037 624 120,775 624
Other-than-temporary impairments on investments (2,878) (8,771) (8,087) (8,771)
Net unrealized gains (losses) on investments, trading securities (19,543) 0 (18,783) 0
Net realized and unrealized gains (losses) on derivative instruments $ 239,174 $ (17,546) $ 9,807 $ (17,546)
[1] The Company has reflected the amortization of certain fair value adjustments recorded in conjunction with the Catlin Acquisition within the respective segments.