XML 16 R4.htm IDEA: XBRL DOCUMENT v3.7.0.1
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Revenues:    
Net premiums earned $ 2,522,791 $ 2,354,610
Net investment income 200,532 205,886
Realized investment gains (losses):    
Total net realized gains (losses) on investments, and net unrealized gains (losses) on investments, Trading 37,286 92,750
Net realized and unrealized gains (losses) on derivative instruments (7,069) (3,622)
Income (loss) from investment fund affiliates 38,261 (4,579)
Fee income and other 13,661 8,262
Total revenues 2,755,361 2,417,227
Expenses:    
Net losses and loss expenses incurred 1,583,456 1,382,485
Claims and policy benefits 7,291 4,937
Acquisition costs 435,869 403,267
Operating expenses 468,038 515,381
Foreign exchange (gains) losses (3,336) (33,819)
Interest expense 50,711 52,303
Total expenses 2,542,029 2,324,554
Income (loss) before income tax and income (loss) from operating affiliates 213,332 92,673
Income (loss) from operating affiliates 13,609 12,650
Provision (benefit) for income tax 13,092 22,295
Net income (loss) 213,849 83,028
Non-controlling interests 61,006 61,143
Net income (loss) attributable to common shareholders $ 152,843 $ 21,885
Weighted average common shares outstanding - basic (in thousands of shares) 265,690 291,969
Weighted average common shares outstanding - diluted (in thousands of shares) 269,767 296,666
Earnings (loss) per common share and common share equivalent - basic (in dollars per share) $ 0.58 $ 0.07
Earnings (loss) per common share and common share equivalent - diluted (in dollars per share) $ 0.57 $ 0.07
Excluding Life Funds Withheld Assets    
Revenues:    
Net investment income $ 167,168 $ 164,326
Realized investment gains (losses):    
Net realized gains (losses) on investments sold 11,092 11,164
Other-than-temporary impairments on investments (6,874) (19,582)
Other-than-temporary impairments on investments transferred to (from) other comprehensive income 0 2
Life Funds Withheld Assets    
Revenues:    
Net investment income 33,364 41,560
Realized investment gains (losses):    
Net realized gains (losses) on investments sold 34,474 34,416
Other-than-temporary impairments on investments 0 (2,346)
Net unrealized gains (losses) on investments, trading securities (1,406) 69,096
Net realized and unrealized gains (losses) on derivative instruments $ (50,101) $ (236,080)