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UNAUDITED CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Revenues:        
Net premiums earned $ 2,434,037 $ 2,423,552 $ 7,320,859 $ 5,839,605
Net investment income 209,771 225,146 631,045 656,863
Realized investment gains (losses):        
Total net realized gains (losses) on investments, and net unrealized gains (losses) on investments, Trading - Life Funds Withheld Assets 143,676 51,407 341,043 154,265
Net realized and unrealized gains (losses) on derivative instruments 5,490 (7,903) 2,774 57,127
Income (loss) from investment fund affiliates 12,156 (3,715) 20,756 62,991
Fee income and other 8,600 7,355 27,724 23,095
Total revenues 2,588,120 2,569,702 7,652,769 6,677,613
Expenses:        
Net losses and loss expenses incurred 1,491,803 1,464,285 4,506,674 3,385,307
Claims and policy benefits 5,875 22,579 16,294 64,047
Acquisition costs [1] 403,888 409,173 1,227,675 904,486
Operating expenses 508,458 570,142 1,546,360 1,403,152
Foreign exchange (gains) losses (1,695) 11,661 (54,614) 49,425
Loss (gain) on sale of subsidiary (3,670) 0 (3,670) 0
Interest expense 49,445 51,929 157,486 153,034
Total expenses 2,454,104 2,529,769 7,396,205 5,959,451
Income (loss) before income tax and income (loss) from operating affiliates 134,016 39,933 256,564 718,162
Income (loss) from operating affiliates 12,410 8,196 46,478 40,326
Gain on sale of operating affiliate 0 0 0 340,407
Provision (benefit) for income tax 17,749 (37,042) 42,511 20,135
Net income (loss) 128,677 85,171 260,531 1,078,760
Non-controlling interests 58,076 57,889 124,263 100,158
Net income (loss) attributable to ordinary shareholders $ 70,601 $ 27,282 $ 136,268 $ 978,602
Weighted average ordinary shares outstanding - basic (in thousands of shares) 273,660 301,867 282,442 282,506
Weighted average ordinary shares outstanding - diluted (in thousands of shares) 277,094 306,954 286,125 287,473
Earnings (loss) per ordinary share and ordinary share equivalent - basic (in dollars per share) $ 0.26 $ 0.09 $ 0.48 $ 3.46
Earnings (loss) per ordinary share and ordinary share equivalent - diluted (in dollars per share) $ 0.25 $ 0.09 $ 0.48 $ 3.40
Excluding Life Funds Withheld Assets        
Revenues:        
Net investment income $ 170,834 $ 178,560 $ 511,402 $ 512,994
Realized investment gains (losses):        
Net realized gains (losses) on investments sold 68,414 42,513 131,568 78,630
Other-than-temporary impairments on investments (10,019) (42,013) (62,379) (69,048)
Other-than-temporary impairments on investments transferred to (from) other comprehensive income 0 (701) 258 (830)
Life Funds Withheld Assets        
Revenues:        
Net investment income 38,937 46,586 119,643 143,869
Realized investment gains (losses):        
Net realized gains (losses) on investments sold 44,011 53,780 108,541 174,555
Other-than-temporary impairments on investments 0 (2,023) (2,598) (10,110)
Net unrealized gains (losses) on investments, trading securities 41,270 (149) 165,653 (18,932)
Net realized and unrealized gains (losses) on derivative instruments $ (225,610) $ (126,140) $ (691,432) $ (116,333)
[1] The Company has reflected the amortization of certain fair value adjustments recorded in conjunction with the Catlin Acquisition within the respective segments.