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Unaudited Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Revenues        
Net premiums written $ 1,444,898 $ 1,298,896 $ 2,970,157 $ 2,711,440
Change in unearned premiums 18,829 37,867 (137,564) (139,778)
Net premiums earned 1,463,727 1,336,763 2,832,593 2,571,662
Net investment income 155,038 135,668 311,987 262,392
Net realized gains (losses) 120,806 (76,611) 262,371 (187,609)
Other-than-temporary impairment losses (49) (470) (1,358) (632)
Less investment impairments recognized in other comprehensive income, before taxes 0 0 0 0
Net impairment losses recognized in earnings (49) (470) (1,358) (632)
Other underwriting income 5,953 3,874 14,778 9,223
Equity in net income of investment funds accounted for using the equity method 32,536 8,472 79,403 36,541
Other income 1,129 3,113 2,212 3,187
Total revenues 1,779,140 1,410,809 3,501,986 2,694,764
Expenses        
Losses and loss adjustment expenses 767,543 726,153 1,486,075 1,363,013
Acquisition expenses 210,089 202,838 407,937 394,214
Other operating expenses 198,914 176,181 400,077 351,196
Corporate expenses 18,251 22,512 36,213 37,824
Amortization of intangible assets 19,794 26,472 40,211 53,208
Interest expense 29,280 30,344 58,345 60,980
Net foreign exchange (gains) losses 4,952 (53,706) 1,427 (33,985)
Total expenses 1,248,823 1,130,794 2,430,285 2,226,450
Income before income taxes 530,317 280,015 1,071,701 468,314
Income tax expense (44,472) (23,668) (90,358) (45,583)
Net income 485,845 256,347 981,343 422,731
Net (income) loss attributable to noncontrolling interests (16,891) (12,701) (63,861) (28,662)
Net income available to Arch 468,954 243,646 917,482 394,069
Preferred dividends (10,403) (10,403) (20,806) (20,840)
Loss on redemption of preferred shares 0 0 0 (2,710)
Net income available to Arch common shareholders $ 458,551 $ 233,243 $ 896,676 $ 370,519
Net income per common share and common share equivalent        
Basic (per share) $ 1.14 $ 0.58 $ 2.24 $ 0.91
Diluted (per share) $ 1.12 $ 0.56 $ 2.19 $ 0.89
Weighted average common shares and common share equivalents outstanding        
Basic (shares) 401,482,784 404,800,421 400,837,181 406,162,508
Diluted (shares) 410,899,483 413,111,205 409,755,250 415,460,756