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Unaudited Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Revenues        
Net premiums written $ 1,248,695 $ 1,023,563 $ 2,524,955 $ 2,144,798
Change in unearned premiums (7,821) (17,578) (167,064) (187,234)
Net premiums earned 1,240,874 1,005,985 2,357,891 1,957,564
Net investment income 111,124 88,338 228,998 182,073
Net realized gains (losses) 21,735 68,218 55,888 105,542
Other-than-temporary impairment losses (1,730) (5,395) (3,537) (13,132)
Less investment impairments recognized in other comprehensive income, before taxes 0 52 0 150
Net impairment losses recognized in earnings (1,730) (5,343) (3,537) (12,982)
Other underwriting income 4,822 25,224 9,455 30,271
Equity in net income (loss) of investment funds accounted for using the equity method 32,706 8,737 80,794 15,392
Other income (loss) (1,994) (7) (2,776) (32)
Total revenues 1,407,537 1,191,152 2,726,713 2,277,828
Expenses        
Losses and loss adjustment expenses 689,860 584,592 1,242,430 1,107,541
Acquisition expenses 190,436 172,677 372,725 340,515
Other operating expenses 169,981 157,314 344,700 307,462
Corporate expenses 24,876 17,200 52,668 26,583
Amortization of intangible assets 30,824 4,880 62,118 9,628
Interest expense 28,749 15,663 57,425 31,770
Net foreign exchange losses (gains) 39,543 (24,662) 58,947 (1,096)
Total expenses 1,174,269 927,664 2,191,013 1,822,403
Income before income taxes 233,268 263,488 535,700 455,425
Income tax expense (34,169) (14,131) (62,566) (30,441)
Net income 199,099 249,357 473,134 424,984
Net (income) loss attributable to noncontrolling interests (13,932) (38,302) (34,840) (59,131)
Net income available to Arch 185,167 211,055 438,294 365,853
Preferred dividends (11,349) (5,485) (22,567) (10,969)
Net income available to Arch common shareholders $ 173,818 $ 205,570 $ 415,727 $ 354,884
Net income per common share        
Basic (per share) $ 1.29 $ 1.70 $ 3.10 $ 2.94
Diluted (per share) $ 1.25 $ 1.65 $ 2.99 $ 2.85
Weighted average common shares and common share equivalents outstanding        
Basic (shares) 134,486,664 120,599,060 134,262,043 120,513,620
Diluted (shares) 139,244,646 124,365,596 139,140,632 124,425,126