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UNAUDITED CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Revenues:        
Net premiums earned $ 2,516,917 $ 2,532,212 $ 5,039,708 $ 4,886,822
Net investment income 208,674 215,388 409,206 421,274
Realized investment gains (losses):        
Total net realized gains (losses) on investments, and net unrealized gains (losses) on investments, trading 56,628 104,617 93,914 197,367
Net realized and unrealized gains (losses) on derivative instruments (906) 906 (7,975) (2,716)
Income (loss) from investment fund affiliates 30,818 13,179 69,079 8,600
Fee income and other 10,225 10,862 23,886 19,124
Total revenues 2,787,760 2,647,422 5,543,121 5,064,649
Expenses:        
Net losses and loss expenses incurred 1,529,083 1,632,386 3,112,539 3,014,871
Claims and policy benefits 7,595 5,482 14,886 10,419
Acquisition costs 433,584 420,520 869,453 823,787
Operating expenses 472,778 522,521 940,816 1,037,902
Foreign exchange (gains) losses (5,643) (19,100) (8,979) (52,919)
Interest expense 54,018 55,738 104,729 108,041
Total expenses 2,491,415 2,617,547 5,033,444 4,942,101
Income (loss) before income tax and income (loss) from operating affiliates 296,345 29,875 509,677 122,548
Income (loss) from operating affiliates 42,704 21,418 56,313 34,068
Provision (benefit) for income tax 29,006 2,467 42,098 24,762
Net income (loss) 310,043 48,826 523,892 131,854
Non-controlling interests 8,423 5,044 69,429 66,187
Net income (loss) attributable to common shareholders $ 301,620 $ 43,782 $ 454,463 $ 65,667
Weighted average common shares outstanding - basic (in thousands of shares) 260,990 281,793 263,327 286,881
Weighted average common shares outstanding - diluted (in thousands of shares) 264,943 285,082 267,279 290,929
Earnings (loss) per common share and common share equivalent - basic (in dollars per share) $ 1.16 $ 0.16 $ 1.73 $ 0.23
Earnings (loss) per common share and common share equivalent - diluted (in dollars per share) $ 1.14 $ 0.15 $ 1.70 $ 0.23
Excluding Life Funds Withheld Assets        
Revenues:        
Net investment income $ 177,235 $ 176,242 $ 344,403 $ 340,568
Realized investment gains (losses):        
Net realized gains (losses) on investments sold 50,379 51,990 61,471 63,154
Other-than-temporary impairments on investments (1,160) (32,778) (8,034) (52,360)
Other-than-temporary impairments on investments transferred to (from) other comprehensive income (50) 256 (50) 258
Life Funds Withheld Assets        
Revenues:        
Net investment income 31,439 39,146 64,803 80,706
Realized investment gains (losses):        
Net realized gains (losses) on investments sold 29,778 30,114 64,252 64,530
Other-than-temporary impairments on investments 0 (252) 0 (2,598)
Net unrealized gains (losses) on investments, trading securities (22,319) 55,287 (23,725) 124,383
Net realized and unrealized gains (losses) on derivative instruments $ (34,596) $ (229,742) $ (84,697) $ (465,822)