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Unaudited Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Revenues        
Net premiums written $ 1,668,311 $ 1,444,898 $ 3,805,557 $ 2,970,157
Change in unearned premiums (2,957) 18,829 (395,759) (137,564)
Net premiums earned 1,665,354 1,463,727 3,409,798 2,832,593
Net investment income 131,485 155,038 276,638 311,987
Net realized gains (losses) 556,588 120,757 189,628 261,013
Other underwriting income 6,667 5,953 13,519 14,778
Equity in net income (loss) of investment funds accounted for using the equity method (65,119) 32,536 (69,328) 79,403
Other income (loss) (3,140) 1,129 5,408 2,212
Total revenues 2,291,835 1,779,140 3,825,663 3,501,986
Expenses        
Losses and loss adjustment expenses 1,230,522 767,543 2,345,941 1,486,075
Acquisition expenses 254,789 210,089 502,072 407,937
Other operating expenses 209,249 198,914 443,793 400,077
Corporate expenses 17,920 18,251 38,716 36,213
Amortization of intangible assets 16,489 19,794 33,120 40,211
Interest expense 31,139 29,280 63,694 58,345
Net foreign exchange (gains) losses 39,211 4,952 (33,460) 1,427
Total expenses 1,799,319 1,248,823 3,393,876 2,430,285
Income (loss) before income taxes 492,516 530,317 431,787 1,071,701
Income tax expense (26,127) (44,472) (54,072) (90,358)
Net income (loss) 466,389 485,845 377,715 981,343
Net (income) loss attributable to noncontrolling interests (167,568) (16,891) 65,223 (63,861)
Net income (loss) available to Arch 298,821 468,954 442,938 917,482
Preferred dividends (10,403) (10,403) (20,806) (20,806)
Net income (loss) available to Arch common shareholders $ 288,418 $ 458,551 $ 422,132 $ 896,676
Net income per common share and common share equivalent        
Basic (per share) $ 0.72 $ 1.14 $ 1.05 $ 2.24
Diluted (per share) $ 0.71 $ 1.12 $ 1.03 $ 2.19
Weighted average common shares and common share equivalents outstanding        
Basic (shares) 402,503,687 401,482,784 403,197,924 400,837,181
Diluted (shares) 408,119,681 410,899,483 411,005,591 409,755,250