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UNAUDITED CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Revenues:    
Net premiums earned $ 2,600,288 $ 2,522,791
Net investment income 218,481 200,532
Realized investment gains (losses):    
Total realized investment gains (losses) (83,355) 37,286
Net realized and unrealized gains (losses) on derivative instruments 4,221 (7,069)
Income (loss) from investment affiliates 45,669 38,261
Fee income and other 6,717 13,661
Total revenues 2,814,942 2,755,361
Expenses:    
Net losses and loss expenses incurred 1,622,006 1,583,456
Claims and policy benefits 10,307 7,291
Acquisition costs 463,827 435,869 [1]
Operating expenses 472,563 468,038
Foreign exchange (gains) losses 9,841 (3,336)
Interest expense 53,545 50,711
Total expenses 2,632,089 2,542,029
Income (loss) before income tax and income (loss) from operating affiliates 182,853 213,332
Income (loss) from operating affiliates 10,282 13,609
Provision (benefit) for income tax 31,902 13,092
Net income (loss) 161,233 213,849
Non-controlling interests 8,585 61,006
Net income (loss) attributable to common shareholders $ 152,648 $ 152,843
Weighted average common shares outstanding - basic (in thousands of shares) 256,922 265,690
Weighted average common shares outstanding - diluted (in thousands of shares) 261,176 269,767
Earnings (loss) per common share and common share equivalent - basic (in dollars per share) $ 0.59 $ 0.58
Earnings (loss) per common share and common share equivalent - diluted (in dollars per share) $ 0.58 $ 0.57
Excluding Life Funds Withheld Assets    
Revenues:    
Net investment income $ 188,083 $ 167,168
Realized investment gains (losses):    
Net realized gains (losses) on investments AFS (31,672) 11,092
Net realized and change in net unrealized gains (losses) on equity securities (36,014) 0
Net realized and change in net unrealized gains (losses) on other investments 8,649 0
Other-than-temporary impairments (1,645) (6,874)
OTTI transferred to (from) other comprehensive income (161) 0
Life Funds Withheld Assets    
Revenues:    
Net investment income 30,398 33,364
Realized investment gains (losses):    
Other-than-temporary impairments (1,203) 0
Net realized gains (losses) on investments and change in net unrealized gains (losses) on investments, trading - Life Funds Withheld Assets (21,309) 33,068
Net realized and unrealized gains (losses) on derivative instruments $ 22,921 $ (50,101)
[1] The Company has reflected the amortization of certain fair value adjustments recorded in conjunction with the Company's acquisition of Catlin Group Ltd in 2015 ("Catlin Acquisition") within the respective segments.