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Unaudited Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Revenues        
Net premiums written $ 1,874,144 $ 1,613,457 $ 5,679,701 $ 4,583,614
Change in unearned premiums (103,052) (175,434) (498,811) (312,998)
Net premiums earned 1,771,092 1,438,023 5,180,890 4,270,616
Net investment income 128,512 161,488 405,150 473,475
Net realized gains (losses) 280,499 61,355 470,127 322,368
Other underwriting income 5,413 3,326 18,932 18,104
Equity in net income (loss) of investment funds accounted for using the equity method 126,735 17,130 57,407 96,533
Other income (loss) 919 1,338 6,327 3,550
Total revenues 2,313,170 1,682,660 6,138,833 5,184,646
Expenses        
Losses and loss adjustment expenses 1,216,273 802,455 3,562,214 2,288,530
Acquisition expenses 247,942 211,120 750,014 619,057
Other operating expenses 215,686 196,512 659,479 596,589
Corporate expenses 17,937 17,061 56,653 53,274
Amortization of intangible assets 16,715 20,003 49,835 60,214
Interest expense 41,343 31,328 105,037 89,673
Net foreign exchange (gains) losses 44,885 (33,124) 11,425 (31,697)
Total expenses 1,800,781 1,245,355 5,194,657 3,675,640
Income (loss) before income taxes 512,389 437,305 944,176 1,509,006
Income tax expense (23,707) (38,116) (77,779) (128,474)
Net income (loss) 488,682 399,189 866,397 1,380,532
Net (income) loss attributable to noncontrolling interests (69,643) (6,736) (4,420) (70,597)
Net income (loss) available to Arch 419,039 392,453 861,977 1,309,935
Preferred dividends (10,403) (10,403) (31,209) (31,209)
Net income (loss) available to Arch common shareholders $ 408,636 $ 382,050 $ 830,768 $ 1,278,726
Net income per common share and common share equivalent        
Basic (per share) $ 1.01 $ 0.95 $ 2.06 $ 3.19
Diluted (per share) $ 1.00 $ 0.92 $ 2.02 $ 3.11
Weighted average common shares and common share equivalents outstanding        
Basic (shares) 402,850,485 402,564,121 403,081,266 401,419,153
Diluted (shares) 409,194,657 413,180,201 410,314,897 410,807,402