XML 33 R17.htm IDEA: XBRL DOCUMENT v3.8.0.1
NET INVESTMENT INCOME
 12 Months Ended
Dec. 31, 2017
Net Investment Income [Abstract]  
NET INVESTMENT INCOME
NET INVESTMENT INCOME

A summary of net investment income (loss) for the years ended December 31, 2017, 2016 and 2015 is as follows:
 
 
2017
 
2016
 
2015
 
 
($ in thousands)
Realized gains (losses)
 
$
87,618

 
$
(113,836
)
 
$
22,227

Change in unrealized gains and losses
 
(41,444
)
 
209,993

 
(265,401
)
Investment related foreign exchange gains (losses)
 
(7,653
)
 
2,988

 
(3,725
)
Interest and dividend income, net of withholding taxes
 
25,510

 
23,915

 
15,313

Interest, dividend and other expenses
 
(23,937
)
 
(22,334
)
 
(31,092
)
Investment advisor compensation
 
(19,863
)
 
(24,543
)
 
(19,246
)
Net investment income (loss)
 
$
20,231

 
$
76,183

 
$
(281,924
)


Interest and dividend income in the above table are net of any withholding taxes. Investment returns are calculated monthly and compounded to calculate the annual returns. The resulting actual investment income may vary depending on cash flows into or out of the investment account. For the year ended December 31, 2017, investment income, net of all fees and expenses, resulted in a gain of 1.5% on the investment portfolio. This compares to a gain of 7.2% and a loss of (20.2)% reported for the years ended December 31, 2016 and 2015, respectively.