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Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Revenues        
Gross premiums written $ 1,432,012 $ 1,462,307 $ 3,180,946 $ 3,334,047
Net premiums written 1,322,304 1,418,665 2,975,519 3,157,159
Decrease (increase) in unearned premiums 5,522 (65,596) (412,972) (550,308)
Net premiums earned 1,327,826 1,353,069 2,562,547 2,606,851
Net investment income 120,192 129,967 224,823 246,834
Net realized and unrealized investment (losses) gains (255,734) 165,717 (140,089) 307,888
Other income 236 9,265 4,528 9,669
Total revenues 1,192,520 1,658,018 2,651,809 3,171,242
Expenses        
Losses and loss expenses and life policy benefits 864,917 883,846 1,586,198 1,633,303
Acquisition costs 283,463 302,573 559,254 567,181
Other expenses 129,766 107,072 254,516 218,534
Interest expense 12,248 12,240 24,493 24,477
Amortization of intangible assets 6,767 7,003 13,535 14,005
Net foreign exchange losses (gains) 6,391 (2,023) (6,756) (2,693)
Total expenses 1,303,552 1,310,711 2,431,240 2,454,807
(Loss) income before taxes and interest in earnings of equity method investments (111,032) 347,307 220,569 716,435
Income tax (benefit) expense (13,844) 78,440 65,821 140,746
Interest in earnings of equity method investments 8,633 4,925 4,795 10,989
Net (loss) income (88,555) 273,792 159,543 586,678
Net income attributable to noncontrolling interests (354) (1,951) (2,536) (4,995)
Net (loss) income attributable to PartnerRe Ltd. (88,909) 271,841 157,007 581,683
Preferred dividends 14,184 14,184 28,367 28,367
Net (loss) income attributable to PartnerRe Ltd. common shareholders (103,093) 257,657 128,640 553,316
Comprehensive (loss) income        
Net (loss) income attributable to PartnerRe Ltd. (88,909) 271,841 157,007 581,683
Change in currency translation adjustment 8,101 17,020 5,597 1,797
Change in unfunded pension obligation, net of tax (891) (9) (1,327) (10)
Change in unrealized losses on investments, net of tax (214) (222) (431) (447)
Total other comprehensive income, net of tax 6,996 16,789 3,839 1,340
Comprehensive (loss) income attributable to PartnerRe Ltd. $ (81,913) $ 288,630 $ 160,846 $ 583,023
Net (loss) income per common share:        
Basic net (loss) income $ (2.16) $ 5.13 $ 2.70 $ 10.86
Diluted net (loss) income $ (2.16) [1] $ 5.02 [1] $ 2.64 $ 10.64 [1]
Weighted average number of common shares outstanding 47,773,371 50,241,216 47,650,042 50,942,980
Weighted average number of common shares and common share equivalents outstanding 47,773,371 51,328,761 48,785,437 52,024,451
Dividends declared per common share $ 0.70 $ 0.67 $ 1.40 $ 1.34
[1] Where the exercise price of share based awards is greater than the average market price of the common shares, the common shares are considered anti-dilutive and are excluded from the calculation of weighted average number of common shares and common share equivalents outstanding - diluted. In addition, for the three months ended June 30, 2015, dilutive securities, in the form of share options and other, were not included in the weighted average number of common shares and common share equivalents outstanding for the purpose of computing the diluted net loss per share because to do so would have been anti-dilutive.