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Unaudited Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Revenues        
Net premiums earned $ 2,325,775 $ 2,120,909 $ 4,446,408 $ 4,069,331
Net investment income 106,392 111,613 186,828 210,469
Net realized gains (losses) (266,579) 202,907 (558,993) 345,368
Other underwriting income 2,970 5,529 8,867 11,639
Equity in net income (loss) of investment funds accounted for using the equity method 58,061 122,186 94,366 193,872
Other income (loss) (11,777) 6,852 (20,802) 5,111
Total revenues 2,214,842 2,569,996 4,156,674 4,835,790
Expenses        
Losses and loss adjustment expenses 1,102,656 1,159,831 2,103,491 2,362,931
Acquisition expenses 413,319 335,143 791,478 639,624
Other operating expenses 277,392 244,943 567,335 505,976
Corporate expenses 27,620 15,951 59,952 41,335
Amortization of intangible assets 27,207 15,286 54,374 29,688
Interest expense 32,795 35,700 65,503 74,046
Net foreign exchange (gains) losses (87,775) 17,775 (91,620) (2,288)
Total expenses 1,793,214 1,824,629 3,550,513 3,651,312
Income (loss) before income taxes and income (loss) from operating affiliates 421,628 745,367 606,161 1,184,478
Income tax expense (22,323) (51,179) (33,942) (90,039)
Income (loss) from operating affiliates 4,640 24,476 29,158 99,933
Net income (loss) 403,945 718,664 601,377 1,194,372
Net (income) loss attributable to noncontrolling interests 399 (43,178) (1,233) (80,730)
Net income (loss) available to Arch 404,344 675,486 600,144 1,113,642
Preferred dividends (10,184) (11,666) (20,368) (22,069)
Net income (loss) available to Arch common shareholders $ 394,160 $ 663,820 $ 579,776 $ 1,091,573
Net income per common share and common share equivalent        
Basic (per share) $ 1.07 $ 1.67 $ 1.56 $ 2.73
Diluted (per share) $ 1.04 $ 1.63 $ 1.52 $ 2.68
Weighted average common shares and common share equivalents outstanding        
Basic (shares) 369,241,193 397,743,402 371,728,683 399,267,183
Diluted (shares) 377,952,988 406,485,994 380,905,512 407,687,680