XML 14 R4.htm IDEA: XBRL DOCUMENT v3.4.0.3
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Revenues:    
Net premiums earned $ 2,354,610 $ 1,334,000
Net investment income 205,886 208,513
Realized investment gains (losses):    
Total net realized gains (losses) on investments, and net unrealized gains (losses) on investments, trading - Life Funds Withheld Assets 92,750 52,891
Net realized and unrealized gains (losses) on derivative instruments (3,622) 16,521
Income (loss) from investment fund affiliates (4,579) 35,329
Fee income and other 8,262 4,728
Total revenues 2,417,227 1,422,615
Expenses:    
Net losses and loss expenses incurred 1,382,485 769,827
Claims and policy benefits 4,937 19,387
Acquisition costs 403,267 [1] 153,696
Operating expenses 515,381 325,656
Foreign exchange (gains) losses (33,819) 27,390
Loss on sale of life reinsurance subsidiary   0
Interest expense 52,303 51,438
Total expenses 2,324,554 1,347,394
Income (loss) before income tax and income (loss) from operating affiliates 92,673 75,221
Income (loss) from operating affiliates 12,650 22,668
Provision (benefit) for income tax 22,295 24,218
Net income (loss) 83,028 73,671
Non-controlling interests 61,143 37,390
Net income (loss) attributable to ordinary shareholders $ 21,885 $ 36,281
Weighted average ordinary shares outstanding - basic (in thousands of shares) 291,969 255,724
Weighted average ordinary shares outstanding - diluted (in thousands of shares) 296,666 260,704
Earnings (loss) per ordinary share and ordinary share equivalent - basic (in dollars per share) $ 0.07 $ 0.14
Earnings (loss) per ordinary share and ordinary share equivalent - diluted (in dollars per share) $ 0.07 $ 0.14
Excluding Life Funds Withheld Assets    
Revenues:    
Net investment income $ 164,326 $ 158,094
Realized investment gains (losses):    
Net realized gains (losses) on investments sold 11,164 15,178
Other-than-temporary impairments on investments (19,582) (10,515)
Other-than-temporary impairments on investments transferred to (from) other comprehensive income 2 (61)
Life Funds Withheld Assets    
Revenues:    
Net investment income 41,560 50,419
Realized investment gains (losses):    
Net realized gains (losses) on investments sold 34,416 52,738
Other-than-temporary impairments on investments (2,346) (5,209)
Net unrealized gains (losses) on investments, trading securities 69,096 760
Net realized and unrealized gains (losses) on derivative instruments $ (236,080) $ (229,367)
[1] The Company has reflected the amortization of certain fair value adjustments recorded in conjunction with the Catlin Acquisition within the respective segments.