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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Revenues:      
Net premiums earned $ 10,336,612 $ 9,777,934 $ 8,226,425
Net investment income 829,723 827,133 872,370
Realized investment gains (losses):      
Total net realized gains (losses) on investments, and net unrealized gains (losses) on investments, Trading 221,876 372,138 202,178
Net realized and unrealized gains (losses) on derivative instruments (41,732) 2,521 53,123
Income (loss) from investment fund affiliates 139,046 70,758 73,320
Fee income and other 48,647 35,692 33,201
Total revenues 11,328,157 10,546,086 9,308,926
Expenses:      
Net losses and loss expenses incurred 8,001,920 6,072,835 4,766,200
Claims and policy benefits 39,189 28,244 115,997
Acquisition costs 1,788,140 1,620,671 1,317,448
Operating expenses 1,757,059 2,063,362 1,966,939
Foreign exchange (gains) losses 44,620 (9,578) 22,504
Loss (gain) sale of subsidiaries 0 (7,088) 0
Extinguishment of debt 1,582 0 5,592
Interest expense 190,359 209,763 205,215
Total expenses 11,822,869 9,978,209 8,399,895
Income (loss) before income tax and income (loss) from operating affiliates (494,712) 567,877 909,031
Income (loss) from operating affiliates 63,645 44,397 44,740
Gain on sale of operating affiliate 0 0 340,407
Provision (benefit) for income tax 59,070 42,129 (19,161)
Net income (loss) (490,137) 570,145 1,313,339
Non-controlling interests 70,261 129,177 106,187
Net income (loss) attributable to common shareholders $ (560,398) $ 440,968 $ 1,207,152
Weighted average ordinary shares and ordinary share equivalents outstanding - basic (in shares) 259,894 278,957 286,194
Weighted average ordinary shares and ordinary share equivalents outstanding - diluted (in shares) 259,894 282,758 290,999
Earnings (loss) per ordinary share and ordinary share equivalent - basic (in dollars per share) $ (2.16) $ 1.58 $ 4.22
Earnings (loss) per ordinary share and ordinary share equivalent - diluted (in dollars per share) $ (2.16) [1] $ 1.56 $ 4.15
Exclude Life Funds Withheld Assets      
Revenues:      
Net investment income $ 702,676 $ 672,382 $ 684,881
Realized investment gains (losses):      
Net realized gains (losses) on investments sold 135,551 191,247 102,957
Other-than-temporary impairments (OTTI) on investments (12,988) (78,997) (81,987)
OTTI on investments transferred to (from) other comprehensive income (359) 439 (973)
Total net realized gains (losses) on investments, and net unrealized gains (losses) on investments, Trading 122,204 112,689 19,997
Life Funds Withheld Assets      
Revenues:      
Net investment income 127,047 154,751 187,489
Realized investment gains (losses):      
Net realized gains (losses) on investments sold 115,911 152,589 223,272
Other-than-temporary impairments (OTTI) on investments (1,434) (2,598) (13,357)
Net unrealized gains (losses) on investments, Trading - Life Funds Withheld Assets (14,805) 109,458 (27,734)
Net realized and unrealized gains (losses) on derivative instruments $ (206,015) $ (540,090) $ (151,691)
[1] Due to the net loss in the period, basic and diluted earnings per common share are calculated using the basic weighted average common shares outstanding for the year ended December 31, 2017. The shares excluded from the calculation amounted to approximately 3.7 million.