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UNAUDITED CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Revenues:        
Net premiums earned $ 2,532,212 $ 2,082,053 $ 4,886,822 $ 3,416,053
Net investment income 215,388 223,204 421,274 431,717
Realized investment gains (losses):        
Total net realized gains (losses) on investments, and net unrealized gains (losses) on investments, trading - Life Funds Withheld Assets 104,617 49,967 197,367 102,858
Net realized and unrealized gains (losses) on derivative instruments 906 48,509 (2,716) 65,030
Income (loss) from investment fund affiliates 13,179 31,377 8,600 66,706
Fee income and other 10,862 11,012 19,124 15,740
Total revenues 2,647,422 2,685,296 5,064,649 4,107,911
Expenses:        
Net losses and loss expenses incurred 1,632,386 1,151,195 3,014,871 1,921,022
Claims and policy benefits 5,482 22,081 10,419 41,468
Acquisition costs [1] 420,520 341,617 823,787 495,313
Operating expenses 522,521 507,354 1,037,902 833,010
Foreign exchange (gains) losses (19,100) 10,374 (52,919) 37,764
Interest expense 55,738 49,667 108,041 101,105
Total expenses 2,617,547 2,082,288 4,942,101 3,429,682
Income (loss) before income tax and income (loss) from operating affiliates 29,875 603,008 122,548 678,229
Income (loss) from operating affiliates 21,418 9,462 34,068 32,130
Gain on sale of operating affiliate 0 340,407 0 340,407
Provision (benefit) for income tax 2,467 32,959 24,762 57,177
Net income (loss) 48,826 919,918 131,854 993,589
Non-controlling interests 5,044 4,879 66,187 42,269
Net income (loss) attributable to ordinary shareholders $ 43,782 $ 915,039 $ 65,667 $ 951,320
Weighted average ordinary shares outstanding - basic (in thousands of shares) 281,793 289,420 286,881 272,665
Weighted average ordinary shares outstanding - diluted (in thousands of shares) 285,082 293,983 290,929 277,473
Earnings (loss) per ordinary share and ordinary share equivalent - basic (in dollars per share) $ 0.16 $ 3.16 $ 0.23 $ 3.49
Earnings (loss) per ordinary share and ordinary share equivalent - diluted (in dollars per share) $ 0.15 $ 3.11 $ 0.23 $ 3.43
Excluding Life Funds Withheld Assets        
Revenues:        
Net investment income $ 176,242 $ 176,340 $ 340,568 $ 334,434
Realized investment gains (losses):        
Net realized gains (losses) on investments sold 51,990 20,939 63,154 36,117
Other-than-temporary impairments on investments (32,778) (16,520) (52,360) (27,035)
Other-than-temporary impairments on investments transferred to (from) other comprehensive income 256 (68) 258 (129)
Life Funds Withheld Assets        
Revenues:        
Net investment income 39,146 46,864 80,706 97,283
Realized investment gains (losses):        
Net realized gains (losses) on investments sold 30,114 68,037 64,530 120,775
Other-than-temporary impairments on investments (252) (2,878) (2,598) (8,087)
Net unrealized gains (losses) on investments, trading securities 55,287 (19,543) 124,383 (18,783)
Net realized and unrealized gains (losses) on derivative instruments $ (229,742) $ 239,174 $ (465,822) $ 9,807
[1] The Company has reflected the amortization of certain fair value adjustments recorded in conjunction with the Catlin Acquisition within the respective segments.