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UNAUDITED CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Revenues:        
Net premiums earned $ 2,620,902 $ 2,434,037 $ 7,660,610 $ 7,320,859
Net investment income 202,779 209,771 611,985 631,045
Realized investment gains (losses):        
Total net realized gains (losses) on investments, and net unrealized gains (losses) on investments, trading 43,274 143,676 137,188 341,043
Net realized and unrealized gains (losses) on derivative instruments (20,434) 5,490 (28,409) 2,774
Income (loss) from investment fund affiliates 57,656 12,156 126,735 20,756
Fee income and other 11,469 8,600 35,355 27,724
Total revenues 2,883,984 2,588,120 8,427,105 7,652,769
Expenses:        
Net losses and loss expenses incurred 3,066,723 1,491,803 6,179,262 4,506,674
Claims and policy benefits 10,592 5,875 25,478 16,294
Acquisition costs 445,685 403,888 1,315,138 1,227,675
Operating expenses 409,356 508,458 1,350,172 1,546,360
Foreign exchange (gains) losses 55,017 (1,695) 46,038 (54,614)
(Gain) Loss on sale of subsidiary 0 (3,670) 0 (3,670)
Extinguishment of debt 1,582 0 1,582 0
Interest expense 33,919 49,445 138,648 157,486
Total expenses 4,022,874 2,454,104 9,056,318 7,396,205
Income (loss) before income tax and income (loss) from operating affiliates (1,138,890) 134,016 (629,213) 256,564
Income (loss) from operating affiliates 4,872 12,410 61,185 46,478
Provision (benefit) for income tax (60,132) 17,749 (18,034) 42,511
Net income (loss) (1,073,886) 128,677 (549,994) 260,531
Non-controlling interests (30,197) 58,076 39,232 124,263
Net income (loss) attributable to common shareholders $ (1,043,689) $ 70,601 $ (589,226) $ 136,268
Weighted average common shares outstanding - basic (in thousands of shares) 257,022 273,660 261,203 282,442
Weighted average common shares outstanding - diluted (in thousands of shares) 261,298 277,094 265,266 286,125
Earnings (loss) per common share and common share equivalent - basic (in dollars per share) $ (4.06) $ 0.26 $ (2.26) $ 0.48
Earnings (loss) per common share and common share equivalent - diluted (in dollars per share) $ (4.06) $ 0.25 $ (2.26) $ 0.48
Excluding Life Funds Withheld Assets        
Revenues:        
Net investment income $ 171,983 $ 170,834 $ 516,386 $ 511,402
Realized investment gains (losses):        
Net realized gains (losses) on investments sold 35,387 68,414 96,858 131,568
Other-than-temporary impairments on investments (3,598) (10,019) (11,632) (62,379)
Other-than-temporary impairments on investments transferred to (from) other comprehensive income (63) 0 (113) 258
Life Funds Withheld Assets        
Revenues:        
Net investment income 30,796 38,937 95,599 119,643
Realized investment gains (losses):        
Net realized gains (losses) on investments sold 18,879 44,011 83,131 108,541
Other-than-temporary impairments on investments 0 0 0 (2,598)
Net unrealized gains (losses) on investments, trading securities (7,331) 41,270 (31,056) 165,653
Net realized and unrealized gains (losses) on derivative instruments $ (31,662) $ (225,610) $ (116,359) $ (691,432)