An unaudited summary of quarterly financial results is shown in the following table:




Quarters ended	Mar 31			Jun 30			Sep 30			Dec 31

2018
Net premiums earned	$	1,167,402		$	1,185,548		$	1,224,075		$	1,214,469
Net investment income	100,999			109,960			114,421			113,128
Net investment losses	(14,830		)	(45,093		)	(17,628		)	(72,667		)
Underwriting income (loss)	143,737			115,726			59,026			(194,664		)
Net income (loss) available (attributable) to common shareholders	62,546			92,858			43,439			(198,448		)
Earnings (loss) per common share	$	0.75		$	1.11		$	0.52		$	(2.37	)
Earnings (loss) per diluted common share	$	0.75		$	1.11		$	0.52		$	(2.37	)

2017
Net premiums earned	$	938,703		$	981,431		$	1,017,131		$	1,211,495
Net investment income	98,664			106,063			95,169			100,908
Net investment gains (losses)	(25,050		)	(4,392		)	14,632			43,038
Underwriting income (loss)	16,385			57,012			(512,853		)	26,130
Net income (loss) available (attributable) to common shareholders	5,014			85,030			(467,740		)	(38,081		)
Earnings (loss) per common share	$	0.06		$	1.01		$	(5.61	)	$	(0.46	)
Earnings (loss) per diluted common share	$	0.06		$	1.01		$	(5.61	)	$	(0.46	)

(1)

During the three months ended March 31, June 30, September 30 and December 31, 2018, the Company recognized transaction and reorganization expenses of $13 million, $19 million, $16 million and $19 million, respectively, related to its transformation program which was launched in 2017. This program encompasses the integration of Novae which commenced in the fourth quarter of 2017, the realignment of the accident and health business, together with other initiatives designed to increase the Company's efficiency and enhance the Company's profitability while delivering a customer-centric operating model. During the three months ended September 30 and December 31, 2017, the Company recognized transaction and reorganization expenses of $6 million and $21 million, respectively.

(2)

During the three months ended March 31, June 30, September 30 and December 31, 2018, the Company recognized amortization of VOBA of $57 million, $53 million, $39 million, $23 million, respectively, related to the acquisition of Novae. During the three months ended December 31, 2017, the Company recognized amortization of VOBA of $50 million. Refer to Item 8, Note 3 and Note 5 to the Consolidated Financial Statements 'Business Combinations' and 'Goodwill and Intangible Assets' for further details.


(3)	During the three months ended December 31, 2017, the Company recognized tax expense of $42 million due to the revaluation of net deferred tax asset pursuant to the U.S. Tax Reform. Refer to Item 8, Note 18 to the Consolidated Financial Statements 'Income Taxes' for further details.